Westfield Health annual results reveal record year
Westfield Health has reported record-breaking growth in its annual results published for the year April 2007 to March 2008.
Westfield now has more then 375,000 policyholders, more than 9,800 companies operating a Westfield plan, and has seen premium income and net growth increase.
Chief Executive Jill Davies said that the secret of Westfield’s continuing success rested with its ability to produce products that anticipate changing healthcare needs, supported by excellent customer service.
She said: “The cash plan sector is very competitive but these results show that Westfield is growing in strength and focus to produce a range of innovative benefits and plans, which have been applauded by industry experts and welcomed by employers and policyholders alike.”
Jill said that a measure of Westfield’s progress during this year had been its selection by the Institute of Directors (IoD) to provide an exclusive health cash plan for their members.
The IoD identified some of the important healthcare issues facing its members and, together with Westfield, developed a health plan to work as stand-alone cover or to complement existing Private Medical Insurance (PMI).
Westfield has also increased sales through each of its distribution channels, with intermediaries in particular showing impressive growth of more than 55 per cent. This has followed the expansion of Westfield’s specialist Intermediary Sales Team and the outstanding success of the flexible quotation system Westfield Mosaic, which enables intermediaries to construct bespoke health cash plans in minutes.
Jill said the year had also seen an improvement in policyholder retention, with attrition reduced substantially and the introduction of a series of initiatives, which have been implemented as a high priority across the company.
She explained: “Our initiatives demonstrate that working hard to satisfy the expectations of our existing policyholders is central to Westfield’s operations. To achieve this our customer services must be exemplary and our benefits and plans responsive to the modern healthcare environment.”
Westfield’s outstanding performance this year was achieved with a proportional decrease in operating costs.
Jill said: “Keeping operational costs low in this way is always a top priority for Westfield as this means we can put more back into our products and benefits and so give more back to our policyholders.”
© Westfield Health Insurance 2012
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