Laya bucks trend in health insurance market as members rise to 475,000

Laya Healthcare said it is bucking the trend in the toughest market for health insurance in decades by growing its customer base from 450,000 to over 475,000 members in 12 months.

The company revealed that it is on track to have created 100 jobs by 2015, with 58 positions filled in the past year in its Cork and Dublin offices.

To mark its first year in business, Laya has announced that it is giving away €100,000 worth of free cardiac screenings — vital, potentially life-saving screenings for people aged 12 years and over which can help detect underlying conditions that may lead to or cause sudden adult death syndrome — to sports and social clubs across Ireland this summer.

Laya said it is on track to deliver savings of €18m by the end of 2014 through forensic analysis of operational costs along with a wide range of clinical reviews and claim audits.

Laya’s managing director, Dónal Clancy, said: “It has been a remarkable year for Laya healthcare, and yet the most challenging one we have ever faced as a business.

“That we have significantly grown our members in a market that is haemorrhaging about 5,500 customers a month is testament to the hard work of our team, and moreover our obsession with providing affordable quality healthcare with best outcomes for our members.

“2013 will be about renewing our focus on value — we will fight tooth and nail to maintain our current position as the insurer offering best value in health insurance in the market,” Mr Clancy added.

“Driving cost efficiencies across the business is critical to this.

“Our savings target of €18m is just the tip of the iceberg and will be delivered via a significant ramping up of claims investigation audits in 2013 and 2014, which will yield greater savings and ensure the best outcomes for our members,” he said.