Member Article

Sovereign Health Care announces biggest ever payout

One of the country’s leading health care cash plan providers has announced its biggest ever payout of claims to customers in 2012.

More than £6.7m was handed back to customers who claimed on their Sovereign Health Care policies in 2012 – the most paid out in a single year since the firm was founded in 1873.

The record payout figure capped another strong year for the Bradford-based firm, which celebrates its 140th birthday in 2013.

Recording a £1.2m profit in 2012 (down from £1.48m in 2011) the company also continued to deliver sales growth, according to its annual results published last week.

Chief executive Russ Piper said he was pleased with the overall figures especially as 2012 saw the first price increase in five years on its individual cash plan and the introduction of a new ‘prescription charges’ benefit for customers.

Mr Piper said: “With the ongoing squeeze on individual finances and the increasing cost of health treatment, there is strong evidence that our range of cash plans continue to support our customers in affording their daily health care needs.

“The beauty of our cash plan is that it supports individuals accessing NHS or private treatment.

“Outside our control, the wider economy continues to bump along and each day seems to present another bad news story.

“Therefore it is important we stay true to our values of providing useable health care cash plans for our customers.

“This is demonstrated in the way we made a number of changes to our cash plan including adding a prescription charges benefit and providing access to a 24 hour confidential telephone helpline to support customers managing the stresses and strains of life.”

Mr Piper said a review in premiums and benefits, such as the one undergone by Sovereign in 2012, often leads to a short-term loss of customers, but he reported a ‘minimal’ reduction and said “conditions are favourable for delivering customer growth again in 2013”, as a result.

This was posted in Bdaily's Members' News section by Mark Lane .