Holloway Friendly, the inventors of income protection, has seen an 82% increase in new business and an increase of 40% in net membership during 2019.
The Society has released its financial results, indicating further significant levels of growth and showing that their transformation journey continues at pace.
The Annual Report and Accounts show an impressive range of numbers, including an increase in new business (measured by annual premium income) of over £3.4m and an increase in Members to over 25,000.
Membership growth and new policy sales are intrinsically linked and the Society’s growth means it has captured more market share. The 2019 Term and Health Watch, produced by Swiss Re, indicated that Holloway has moved up 2 places to 6th in the income protection market with a market share of 5.5%. This growth was achieved - in part - due to its focus on claims experience and its distinctive approach to underwriting, including introducing a market leading approach to underwriting mental health issues.
In 2019 the Society paid out 94% of claims, totalling £2.4 million, a 60% increase in benefit. The Society has called for more transparency from other providers about the claims they aren’t paying and why. Holloway said that it had conducted detailed analysis of claims not paid and discovered one of the biggest reasons was due to non-disclosure during the application process. As a result the Society is working more closely with Advisers to help improve their understanding of the underwriting process and the questions asked to ensure the Society can pay as many claims as possible.
2019 also saw the launch of “Kaleidoscope” a web-based tool for advisers aimed to support those advisers new to Income Protection as well as supporting experienced advisers with materials and 18 hours of CPD material.
Market recognition of the Society’s progress is reflected by the 6 industry awards won in 2019 for their claims service, underwriting and the services provided to members and advisers:-
Looking forward to 2020, Holloway has already received 8 nominations for awards covering similar areas as those wins achieved in 2019.
Stuart Tragheim, CEO at Holloway Friendly, commented on the results:
“2019 was an absolutely fantastic year for our members, colleagues and supporting intermediary partners. 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 over three years of our transformation project, which has seen a vast amount of change across the Society, particularly in underwriting, claims and servicing and our brand.
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 due to 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 from 145 years ago. Our journey to modernise our Society and build a strong, recognisable brand 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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