Holloway Friendly is preparing to launch insurance products and propositions over the course of 2017 as it embarks on its growth strategy.
Phil Hull, proposition and portal manager for Holloway, said the friendly society was looking at developing its existing full and short-term income protection products and underwriting processes over the year.
It is also focusing on creating specialist protection products and processes for the adviser market, where there are perceived gaps and clear need for particular insurance products.
One of its new products, the short term income protection plan, which was available on a restricted, pilot basis from 4 January this year, is currently in the testing phase, with the formal launch expected within the next few weeks.
The provider currently has these products available:
- Purely IP – a long term income protection product.
- Essential Illness IP – a long term income protection product covering only the core ABI illnesses. This could be useful for people who may not get full cover owing to pre-existing conditions.
- Classic Plus – a ‘Holloway’ income protection product.
According to Mr Hull, the short term income protection policy has basically replaced the old Purely DB product.
Purely DB, together with Holloway's old classic policy, were both closed to new business on 4 January.
Mr Hull said: "The formal launch of short term IP will be confirmed shortly once everything has been fully tested."
In 2016, Holloway Friendly appointed former Equiniti business development director Stuart Tragheim as its new chief executive.
Mr Tragheim was given a brief to create a growth strategy for Holloway Friendly, re-establishing the brand as a leading specialist protection provider in the individual and corporate risks market.
To do this, in January this year, Holloway Friendly announced it had hired Andy Milburn as director of proposition and marketing, along with Mr Hull.
Another of the developments Mr Milburn said the company was looking at was how to make the claims process simpler for both client and broker.
He said: "The industry has done well to streamline its new business processes, but it has not done enough - indeed, has not done what it could do - to help existing customers.
"The claims process is still very difficult for the end consumer, meaning sometimes they struggle to pay immediate bills. For example, why do so many providers insist on waiting for a death certificate?"
He said this was one of the challenges Holloway Friendly would be looking at this year.
Mr Milburn added: "Traditionally, the claims process is underwritten and constructed around the small minority - the 2 per cent or so - that make wrongful claims.
"This is upside-down. The claims process should be structured around the vast majority of those who are genuine."
Mr Hull added: "I agree. It should be built around people making genuine claims."
simoney.kyriakou@ft.com
