State-owned Voluntary Health Insurance (VHI) is set to offer a new range of tailored products to consumers this autumn, as the market gears up for the likely entry of a new player.
The VHI will offer five new health insurance products under a new brand, Lifestage Choices, which will be tailored to meet the different requirements of different age groups.
All five plans will be community rated, rather than risk rated, in common with the company's existing packages. This means they will be open to anyone who wishes to join. They will include new benefits such as travel insurance, dental care and healthcare cover while abroad.
The move comes as the health insurance market is gearing up for new entrant, Vivas, backed by former VHI chief executive, Mr Oliver Tattan, and Mr Dermot Desmond.
AIB Retail is negotiating a stake in Vivas, and will act as a distributor if it invests in the company. Mr Tattan has already said that the new player, the third in the Republic's health insurance market, will compete on price and offer tailored packages.
VHI is understood to have been developing the new products, and the systems to support them, for the last two years. The company intends that they will be competitively priced.
The VHI has been trading since 1954 and has 1.5 million subscribers.
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