Health insurer BHSF sees increase in full year revenues

BIRMINGHAM-based health insurer and employee benefits provider, BHSF, has recorded a 3.3% growth in revenue over the last year, bringing its total for the past 12 months to £37.3m net of Insurance Premium Tax.
 
The not-for-profit organisation has invested in expanding its occupational health (OH) support and has seen a corresponding significant increase in its OH revenue, as part of this growth.
 
Peter Maskell, BHSF Group Chief Executive, said: “We have developed a wide portfolio of products and services across healthcare insurance, employee benefits, occupational health and HR support, which are evidently in tune with what people want and are also differentiating us in the sector.
 
“Take-up of Plan4Life personal cancer insurance plans has doubled in the last year as more employees look for the reassurance of a cash payment should they become ill. Likewise, Network Benefits, which offers hundreds of shopping discounts to customers, has continued to grow its client and member base.  Other products proving particularly popular are salary sacrifice arrangements, simplified group life assurance and Flexsme – a unique flexible benefits product aimed specifically at SMEs.  
 
“BHSF has evolved and introduced new services through talking to customers about exactly what they need, and this is reflected in the positive take-up of the products.  Both employers and employees appreciate the value of our health cash plans, together with support and benefits which go far beyond the healthcare packages we offered even just five years ago.”
 
As a result of its ambitious expansion programme, the company recently acquired WellWork – the fifth occupational health business it has bolted-on in recent years.  

Maskell pledged that as the company moved into the new financial year, it would continue to expand this area in line with growth plans.
 
“The investment means we are well placed to forge ahead further and launch far-reaching initiatives that will set the agenda for exceptional employee support in the coming year,” he said.

“We believe that the focus is now – more than ever – on healthcare and the wellbeing of people in the workplace. The quality of health and lifestyle support is valued by employees, and with changing policies, such as the raising of pension ages, people are more health conscious and want their working life to be holistically rewarding and beneficial.”