News

Income protection provider Cirencester Friendly is thrilled to announce that Andy Lucas has been appointed as their new Chair. Andy has been a member of the Board since 2021, previously serving as Senior Independent Director. He replaces Janice Banks, who retires after serving the maximum nine years on the Board, the last two of which were as Chair.

Following four years on the Board, Andy has a deep understanding of both Cirencester’s ambitions and challenges. He has wealth of industry knowledge, acquired through a distinguished career in marketing, sales and business transformation, including senior roles at Prudential, ACE European Group and Cambridge Building Society. He is also Vice-Chair of Buckinghamshire Building Society, trustee of two charities and a member of The Chartered Institute of Marketing.

• 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.