The Untapped Power of Mutual and Friendly Societies in Income Protection
04/03/25 • 55 min
In this month's episode, Matt and Stevie explore the unique role of mutual societies and friendly societies in the income protection market, examining their history, customer benefits, and future growth potential under the new Labour government by speaking to Andrew Morris, CEO of Cirencester Friendly and Nicola Huxley of Sphere Financial Services
Listen now to learn more about:
• How Mutuals and friendlies are owned by members (policyholders) rather than shareholders
• How these societies often excel at providing cover for clients with niche occupations or pre-existing conditions
• The Labour government's commitment to doubling the size of the mutual finance sector as part of its manifesto
• How Nicola Huxley's insights into focusing on multi-policy rather than multi-benefit sourcing to help identify mutual options
• How mutuals reinvest profits to benefit members
• Mutuals often provide more personalised underwriting and claims experiences
• The legislative challenges the sector faces, but the significant growth opportunities
• How experienced advisers can leverage mutual partnerships for enhanced client retention and business growth
Links from the episode:
- IPTF's 7 Claims Stories - Story 1 with Cirencester Friendly
- Nicola Huxley on Instagram
- Nicola Huxley's "Survive & Thrive" Podcast
- Cirencester Friendly
📣 Send the podcast your questions, thoughts or advice to feature on a future episode via:
Voice notes via SpeakPipe
Or email [email protected]
📣 For More Education, Collaboration and Insight:
IPTF Website
IPTF on LinkedIn
IPTF on YouTube
IP Task Force on Instagram
Produced and edited by SEA Studios
In this month's episode, Matt and Stevie explore the unique role of mutual societies and friendly societies in the income protection market, examining their history, customer benefits, and future growth potential under the new Labour government by speaking to Andrew Morris, CEO of Cirencester Friendly and Nicola Huxley of Sphere Financial Services
Listen now to learn more about:
• How Mutuals and friendlies are owned by members (policyholders) rather than shareholders
• How these societies often excel at providing cover for clients with niche occupations or pre-existing conditions
• The Labour government's commitment to doubling the size of the mutual finance sector as part of its manifesto
• How Nicola Huxley's insights into focusing on multi-policy rather than multi-benefit sourcing to help identify mutual options
• How mutuals reinvest profits to benefit members
• Mutuals often provide more personalised underwriting and claims experiences
• The legislative challenges the sector faces, but the significant growth opportunities
• How experienced advisers can leverage mutual partnerships for enhanced client retention and business growth
Links from the episode:
- IPTF's 7 Claims Stories - Story 1 with Cirencester Friendly
- Nicola Huxley on Instagram
- Nicola Huxley's "Survive & Thrive" Podcast
- Cirencester Friendly
📣 Send the podcast your questions, thoughts or advice to feature on a future episode via:
Voice notes via SpeakPipe
Or email [email protected]
📣 For More Education, Collaboration and Insight:
IPTF Website
IPTF on LinkedIn
IPTF on YouTube
IP Task Force on Instagram
Produced and edited by SEA Studios
Previous Episode
Why Women Struggle to Protect Their Income: Insights and Solutions
In this month's episode, Matt and Stevie speak to Rose St Louis from Scottish Widows and Joanna Streames from Velvet Mortgage about the notable gender gap in income protection, the latest research done by Scottish Widows on this subject and the challenges women face in securing their financial futures.
Listen now to learn more about:
• The importance of understanding the gender gap in income protection
• Insights from Rose St Louis on the findings and implications of recent research
• Joanna Streams shares the advisor's perspective on protecting women's incomes
• Real-life examples that illustrate the impact on families
• Building trust and communication with female clients
• Actionable takeaways for advisors at different experience levels
• Strategies for closing the income protection gap for women
• The need for ongoing education about income protection benefits
• Discussing the future of income protection tailored to women
View the IPTF Profile of an IP customer in association with Iress report here - https://iptf.co.uk/profile-of-an-ip-customer/
View the Scottish Widows Research "The Income Protection Gender Gap" - https://adviser.scottishwidows.co.uk/assets/literature/docs/38794.pdf
Do you have an idea on how to reduce this gap? Let us know! Drop us a message on the links below or tag us on LinkedIn (@IPTF) with your thoughts. Don’t forget to subscribe for more expert insights!
📣 Send the podcast your questions, thoughts or advice to feature on a future episode via:
Voice notes via SpeakPipe
Or email [email protected]
📣 For More Education, Collaboration and Insight:
IPTF Website
IPTF on LinkedIn
IPTF on YouTube
IP Task Force on Instagram
Produced and edited by SEA Studios
Let's Talk Income Protection - The Untapped Power of Mutual and Friendly Societies in Income Protection
Transcript
Hello and welcome to let's Talk Income Protection , season 2 , episode 3 . This is the podcast that breaks down everything you need to know about income protection , whether you're an experienced advisor or just starting out . This podcast will give you actionable insights and advice and , of course , gain valuable unstructured CPT points .
Speaker 1If you like this episode you’ll love
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