Prudential UK is teaming up with South African insurer, Discovery, to launch PruProtect, a new protection product which will come under the holding company, PruProtection.
The new venture includes a range of protection plans that cover life insurance, critical illness, income protection and disability insurance. The plans will initially be available to the individual market and will launch to the corporate market next year.
The new product uses the same points-based system as its private medical insurance product, PruHealth, through which employees are awarded points for taking responsibility for their own health and wellbeing, in order to obtain lower premiums. This can help manage year-on-year premiums.
PruProtect is an extension of the existing joint venture between Prudential and Discovery, in which they teamed up to sell private medical insurance pans through Pru Health four years ago.
Both PruHealth and PruProtect will sit under the umbrella of the newly-named PruProtection Holdings.