News

• 95.8% of claims paid, the same figure as in 2023
• Just over £10 million paid to Members in benefits
• 33% of claims related to musculoskeletal issues and arthritis, up from 25% in 2023
• 21% of claims related to accidents
• Average age of male claimants is 40 and female claimants 42
• 47.5% of claims were from millennials (aged 27 to 41)
• Oldest claimant 65 years old, youngest claimant 18 years old
• 95.1% of claims were made after a deferred period of four weeks or less
• Average length of claim was 62 days
• Average annual payment £4,757

Individual income protection provider Cirencester Friendly maintained their impressive claims payment record in 2024, paying 95.8% of claims, equalling the figure paid out in 2023. The total number of claims considered rose by 15%, with 1,414 income protection claims considered and 1,354 claims paid. The total amount paid to Members also rose to over £10 million.

• Only 44% could identify cutbacks they could make
• The most common things people would cut back on first are eating out, takeaways, TV subscription services and buying clothes
• Only 3% of those surveyed would cut back on holidays first

A new survey* from income protection provider Cirencester Friendly reveals that many people simply don’t know what they would cut back on if they couldn’t earn their regular income through illness or injury. More than half (56%) of those surveyed failed to identify anything that they would stop spending on in this scenario.

Cirencester Friendly has gone live with Medi2data, a service that allows medical records to be obtained for underwriting and claims purposes. This new partnership will streamline existing processes, allowing the Society to speed up underwriting and claims decisions where medical information is needed.

This innovation has also facilitated the launch of e-signatures for claims documents. This will allow Members to complete consent forms more easily and quickly and mean information from GP surgeries, accountants and employers can be collected more swiftly.

Cirencester Friendly is delighted to have joined the International Cooperative and Mutual Insurance Federation (ICMIF). This global organisation brings together more than 200 purpose-led members from 60 countries. It aims to promote the mutual/cooperative proposition by providing a powerful voice for the sector, fostering connections between member organisations and sharing knowledge.

Andy Morris, CEO at Cirencester Friendly said: “Being a mutual organisation is right at the heart of everything we do at Cirencester Friendly. We are proud to put the needs of Members first and always look to be there to help and support them whenever possible. Joining ICMIF is an important strategic move for the society, especially with the Labour government reviewing the mutual sector and how it can unlock its full potential. Building connections with other mutuals from around the world and learning from their experiences, while sharing best practise will be hugely beneficial in supporting our ambitious growth aims. This is a positive and exciting time to be part of the mutual movement, and we look forward to working closely with ICMIF in 2025 and beyond.”

• 27% have taken more than a month off due to ill-health or injury
• The average time people have had to take off is four and a half months
• 11% of those that have had to take time off due to illness or injury don’t think they’ll ever return to work
• 1 in 5 people know someone off work due to long-term illness or injury
• One third say they have had less contact with a person they know who is off work due to long-term illness or injury
• The concept of income protection appeals to 74% of people aged 34 and under

A new survey* from income protection specialist Cirencenster Friendly reveals just how common it is for people to have to take time off work due to accidents or ill health. More than a quarter of those surveyed said they had a to take a month or more off work. This rises to 35% among those aged 55 and over. This isn’t an issue that just affects older workers, one in seven (14%) of those aged 34 and under have been unable to work for a month or more due to illness or injury.

Schroders today announces it has been selected to manage Cirencester Friendly’s £75 million investment portfolio.

Cirencester has provided income protection and additional support to thousands of Members for more than 130 years. This appointment has reinforced Schroders’ credentials as an insurance asset management leader to the financial mutuals sector.

The award of this insurance mandate, which encompasses Schroders’ Multi-Asset and Insurance Solutions capabilities, emphasises the importance Schroders places on working with the UK’s mutual sector.

• Sue Kissane promoted from Senior Medical Underwriter to Underwriting Manager
• Rob Higgins promoted from Claims Manager to Senior Manager - Claims
• Apprenticeship scheme launched with eight participants in 2024

Two new appointments in Cirencester Friendly’s underwriting and claims teams underline the Society’s commitment to growing its own talent and creating clear career pathways to success for team members. This policy forms an integral part of Cirencester’s ethos to create a supportive and working environment where employees can flourish.

• Cirencester Friendly joins 22 other organisations in the UK in achieving ServiceMark Accreditation with Distinction and is the only one from the protection industry
• The accreditation is awarded for a period of three years
• The process involved in-depth interviews with 35 employees
• The accreditation reflects the emphasis placed on service quality as a key organisational goal
• High service standards are a key factor in the Society’s strong financial performance in 2023

Cirencester Friendly has achieved the Institute of Customer Service’s ServiceMark Accreditation with Distinction, reflecting the Society’s continued commitment to providing exceptional customer service. This independent assessment found that customer service was a key priority throughout the Society and employees are focused on putting the needs of Members and Advisers first. The ServiceMark also reflects the rating of 89.2 Cirencester received in the Institute of Customer Service Business Benchmark Survey 2023, which placed the Society in the upper quartile for B2B businesses.

The Right DA Club has today (22 May 2024) announced the addition of mutual provider, Cirencester Friendly, to its protection panel.

Right DA Club Members can now access Cirencester’s comprehensive range of income protection cover products which includes:

• My Earnings Protected – comes with a choice of long- or short-term claim periods; own occupation cover; no premium loading for occupation, smoking or hazardous pursuits, guaranteed premiums with a choice of level or annual escalating; a wide range of deferred periods; cover up to 65% of earnings available.
• Income Assured Enhanced – own occupation cover; no premium loading; guaranteed premiums; benefit payable from one, four, eight, 13, 26 or 52 weeks; guaranteed insurability options; option to build a capital sum and share in the Society’s profits.

To advise on the Income Assured Enhanced product, advisers must be regulated for investment business by the FCA.

As part of their ambitious growth strategy, Cirencester Friendly has created the brand-new position of Proposition Manager. The role will be taken on by Victoria Clark, who has been promoted from her current position of Senior Marketing Executive.

Victoria has been with Cirencester Friendly for more than eight years. Starting out in the Customer Care Team, Victoria made the move into Marketing in 2018 and has been involved in a wide range of adviser and Member-facing projects, including onboarding new strategic partners and the new 2-year short-term benefit option. Over the past few years, Victoria has also led on PR for the society.

Income protection specialist Cirencester Friendly have become the latest new ABI Member, joining the voice of the UK’s leading insurance and long-term savings sector.

Cirencester Friendly is a mutual insurer, owned by its more than 44,000 Members. Every decision is taken for the benefit of these Members. Becoming part of the ABI demonstrates the commitment the organisation has to providing Members with the best possible products and services. It also underlines the growing voice and position Cirencester Friendly has in the market, as it looks to raise awareness of both the value of income protection and mutual organisations.

• 95.8% of claims paid, up 0.4% on 2022 figures

• An average of 94.5% of claims paid over the past decade

• In total, more than £9.3 million was paid to Members in benefits

• 32% of claims related to accidents, 25% to musculoskeletal issues and arthritis

• Average age of male claimants is 40 and female claimants 42

• 47.6% of claims were from millennials (those aged 27 to 41)

• 95% of claims were made after a deferred period of four weeks or less

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As part of their continued commitment to exceptional service, Cirencester Friendly has created a new position of Director of Customer Experience. Michelle West-Wiggins, the previous Head of Customer Experience and Claims has been promoted to take on this fresh challenge.

These changes mean Michelle becomes a Member of the Executive Team, ensuring customers are at the heart of all strategic decision making. Robert Higgins has been promoted to Claims Manager and will report directly to Michelle. In addition, new Claims Consultants roles are being created. These consultants will have end-to-end ownership of claims, ensuring claimants have one point of contact, improving their experience.

Cirencester Friendly have been working hard through 2023 to ensure we keep our neutral carbon footprint. Our aim was to further instigate key policies at the benefit of staff and increase our support within the local community. This year, we have made great headway to becoming an even “greener” Society.

Attaining a Net-Zero Carbon Footprint

As you may be aware, we are a socially conscious enterprise, and our commitment has been unwavering. Our staff Members committed to taking part in our internal litter picking initiative to support the South Cerney community. We have made a great impact, and we are being recognised for our efforts.

• Achieved 89.2 in the latest Institute of Customer Service Business Benchmarking survey
• The organisation continues to benchmark more than 10 points above the insurance industry UK Customer Satisfaction Index average of 78.7
• Places Cirencester firmly in the upper quartile of the B2B organisations.

Cirencester Friendly is delighted to announce another strong set of results from this year’s Institute of Customer Service Business Benchmarking Survey. Cirencester achieved an impressive rating of 89.2, which is more than 10 points higher than the UK Customer Satisfaction Index (UKCSI) insurance industry average and almost 13 points better than the average across all sectors in the UK.

Cirencester Friendly is thrilled to announce that Vicky Churcher has been appointed as a new Non-Executive Director and Janice Banks, previously a Non-Executive Director, has become their new Chairperson. They both bring a wealth of experience to their new roles and the appointments demonstrate the Society’s ambition to evolve, harnessing the very best expertise in the sector.

Vicky Churcher brings to Cirencester Friendly more than 35 years of experience in financial services and insurance. She has held leading roles in highly respected organisations such as Bupa, Ageas and AIG Life. Her recent roles have focused on transforming the customer experience and transformation, helping businesses to navigate the changing needs of customers and the effective use of system thinking.

TMA Club has announced the launch of a new partnership with Cirencester Friendly Society, adding its range of protection products to the TMA protection panel.

Established in 1890, Cirencester Friendly is a provider of income protection products, including its ‘My eEarnings pProtected’ and ‘Income Aassured eEnhanced’ products. As part of its ‘My Earnings Protected’ income protection product, the society recently launched a new affordable and flexible short-term benefit option, offering up to two years’ protection per claim, giving offering more clients an affordable way to protect their livelihoods, should they be unable to work due to illness or injury.

Cirencester Friendly has announced it is widening its product range, launching a short-term benefit option to its award winning My Earnings Protected income protection product. The new option provides cover for up to two years per claim, giving Members an affordable way to cover their household bills should they be unable to work due to illness or injury.

Cover that reflects real life

Cirencester Friendly’s new short-term benefit option has been introduced in response to demand from both advisers and consumers. According to Swiss Re data in 2021, most individual income protection sales are now for a limited term with the two-year cover period being the most popular option.

Cirencester Friendly is delighted to announce they’ve been awarded “We Invest in People Gold Accreditation” by Investors in People. This is a significant achievement for the Society, which improves on the Silver Accreditation gained in 2020 during their initial assessment. This higher level demonstrates the emphasis the Society places on nurturing and developing its talent and is a vital part of the growth strategy.

Since Investors in People was founded in 1991, with the mission to make work better, thousands of companies have been assessed around the world with only 16% achieving gold accreditation. The assessment looks at three key areas - Improving, Leadership and Supporting - each split into three subsections. Cirencester Friendly achieved an advanced status in eight out of the nine criteria, with an overall score of 775 out of a possible 900. This is significantly higher than both the industry average of 738 and the Investor in People average of 728.

PMS Mortgage Club, part of Sesame Bankhall Group, has enhanced its protection offering with the addition of leading mutual society Cirencester Friendly as one of its partner firms.

The move gives PMS Members access to Cirencester Friendly’s income protection products: Income Assured Enhanced and My Earnings Protected. The products cover up to 65% of a customer’s income should they become unable to work due to illness or injury. They are designed to be both affordable and inclusive, with There is no premium loading for smoking, occupation, or hazardous pursuits., and the products can offer protection against injuries from day one, wWith and a wide range of deferred periods including split deferred. The friendly society also offers added-value benefits to Members outside of its products including year-round support, not just at point of claim. They have an excellent reputation for customer service and claims management, with a pay out rate of over 95% in 2022.

Individual income protection provider Cirencester Friendly paid 95.4% of claims in 2022. This represents a slight increase from 2021 when 93.6% of claims were paid and maintains an impressive record of paying on average more than 94% of claims over the past decade.

Cirencester paid 1,348 claims across their portfolio in 2022. Most claimants (59%) were aged between 31 and 50, but almost a quarter (23%) were aged 30 or under. This demonstrates the value of protection for anyone of working age and that accidents or illness can happen to anyone.

Cirencester Friendly is delighted to announce that Jo Wilkie has been appointed as their new Strategic Partnership Manager, taking up her position on 06 March 2023.

Jo has more than 20 years’ experience in financial services, working at a senior level in both relationship management and business development roles. Much of her experience has been with leading technology providers, having worked at both iPipeline and Iress. In addition to that, Jo has had a variety of roles with product providers, including Vitality, The Exeter and Guardian. She firmly believes that innovative technology is the key to bringing greater accessibility and affordability to the protection market.