Holloway Friendly, providers and original inventors of income protection insurance, are looking back and celebrating 2018, which proved to be the strongest year in the company’s recent history. An almost 25% increase in net Membership, a successful re-brand, multiple award nominations and wins are just a few of the highlights the Society achieved last year.
Holloway Friendly has had a great 2018 and would like to thank advisers for the trust they have placed in it and its hardworking team for delivering such a great set of results for members.
The Society paid out an impressive 98% of claims, a 2% increase on 2017, and grew its Membership by almost 25%, clearly showing that members and advisers value the propositions and services the Society provides.
As well as net Membership growth, new policy sales by the society exceeded expectations, thanks - in part - to its revised pricing and distinctive approach to underwriting. Its dedication to improving its underwriting processes and philosophy earned the Society the prestigious LifeSearch 2019 award for Best Underwriting Approach and System, as well as seven COVER award nominations.
New policy sales grew by over 300% during 2018 and Holloway welcomed almost 5,500 new Members to the Society.
In the midst of continually providing its Members with the excellent underwriting and claims experiences, Holloway Friendly also implemented a complete rebrand in July 2018 to better represent its ‘keeping life colourful’ brand purpose. This rebrand was a complete success, solidifying its market presence with a very distinctive style.
Personal stories from claimants like Diana Lee inspired many advisers to consider using the Society for their customers, leading to the increase in Membership numbers. New online tools, like the “How Would You Survive?” calculator, created by the Holloway team enabled new customers to understand more about the value that Income Protection can provide and encouraged them to take action accordingly.
Stuart Tragheim, CEO at Holloway Friendly, commented on the results:
“2018 was an absolutely fantastic year for our members, colleagues and supporting advisers. Our results truly speak for themselves and I could not be more proud of the team for the hard work they’ve put in to get us here. We have now completed the first two years of our transformation project, which has seen a vast amount of change across the society, particularly in underwriting, claims and servicing, even our brand had a massive overhaul. George Holloway had a vision which was to make sure that people can continue their way of life even if they are too sick to work through illness or injury. We’re very proud of our heritage and know that by continuing to modernise our processes and practices, providing a more efficient yet personalised, approach for advisers and our members, and an inclusive approach to underwriting, we can keep true to George’s vision, which was made all the way back in 1875. Our journey to modernise our Society is part of our continued commitment to the market and keeping our members lives colourful.”
Last summer Holloway Friendly appointed Stuart Tragheim as its new CEO.
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