UK mutual insurer British Friendly has made a deal with EXL, the operations management and analytics company. They will work together to develop an end-to-end customer onboarding, underwriting, and policy administration platform.
The digital platform will improve the efficiencies for advisers when placing clients at risk. In addition, it will accelerate the ability of British Friendly to respond to changing consumer requirements and bring new products to market.
Lee Schopp, interim CEO at British Friendly, said: “The ease of doing business with British Friendly is one of our guiding principles. In recent years, innovative new products and services have supported significant growth. While our current systems work well, we want to ensure we are ahead of the game when it comes to building next generation technology to support advisers.”
Nigel Edwards, Senior Vice President and head of UK/EU for EXL, said: “We are hugely excited to partner with British Friendly to create an innovative platform in the mutual space to enhance the customer experience for both their members and intermediaries using a fast, cost-effective system.”
Guy Williams, VP Marketing, EXL said: “The partnership combines British Friendly’s award-winning income protection products, the values of a well-respected mutual, and our market-leading technology to make it easier for IFAs and customers to provide financial security in this essential yet under-penetrated market.”
In 2018, 94.7% of British Friendly claims were paid. Since the insurance firm started recording its claims data in 2005, it has paid an annual average of 96.2% of all income protection claims, so there has been a slight dip..
With regards to declined claims, 1.3% were for non-disclosure and 4% were for not meeting the definition of incapacity.
Over the course of 2018, British Friendly released a number of initiatives for new and existing members. Furthermore, the goal was to boost the appeal of income protection and help advisers sell.
These initiatives included immediate support payment, recovery support benefit, terminal illness benefit, and also several mutual benefits. This includes health MOTs and powers of attorney at no extra cost, discounted travel insurance, car hire, and van hire.