Keeping the society’s promise to pay claims and support tens of thousands of customers is the standout achievement for departing Cirencester Friendly chief executive officer Paul Hudson.
This morning the income protection (IP) provider revealed Hudson is to retire as CEO in April 2023, at which point he will have been leading the mutual for 26 years.
Hudson (pictured) told Health & Protection that one of his proudest achievements after a quarter of a century at the business was living up to its promises to customers.
“Above all I take great comfort in helping tens of thousands of customers when they have needed our support by keeping to our promise to pay claims. We have a very consistent record when it comes to paying claims,” he said.
Growing membership and business
Hudson added the society had come a long way since he joined – citing product improvements, staff development, an increase in assets, industry awards won and an increase in membership as big achievements.
He noted that when starting the firm had a “small and enthusiastic” team but they lacked the knowledge required to deliver a successful strategy, that it lacked a strong presence in the IP market and its product failed to meet the evolving needs of customers.
“We worked on the people, improved the processes, improved the product and made advisers and the wider public aware of our existence,” Hudson continued.
“Simple and straightforward stuff but it helped to transform the business. All of this followed asking ourselves a very important question. Why do we exist?”
Under Hudson’s stewardship, the society’s membership has grown from around 13,000 in 1997 to today’s figure in excess of 43,000 with total funds increasing from £23m to almost £160m in 2020.
Premium income has also grown from under £2m in 1997 to over £21m at the end of 2020.
The society said it is working closely with executive search firm Fletcher Jones to find Hudson’s successor and chairman John Quinn has agreed to serve an additional year until June 2023 to provide continuity during this transitional period.
Creative retirement plans
Hudson joined the financial services sector in 1974 and was appointed chief executive of Cirencester Friendly in 1997.
He added that he believed it was better to go when colleagues were sad to see him leave, rather than glad to see you go.
“I have had a fantastic time at Cirencester Friendly and have never hidden my intention to retire at 65. I have a lot of other interests which includes creative writing,” he continued.
“During lookdown I entertained the staff with lots of stories and poems. They created an anthology of my messages and presented me with a printed coffee table book that I will cherish.
“Because my creative juices have been rekindled I have enrolled on an Open University degree in creative writing and English literature that I am very much looking forward to starting.
“Every qualification I have ever achieved have been connected with work so this one is for me. I also enjoy physical challenges so as a keen cyclist I am sure I can find a few mountains to climb.”
Looking ahead to the next 12 months, Hudson said he fully intends to keep pushing colleagues to deliver the society’s strategy and to maintain its financial health and that of its members.
“The society has come through the last 18 months very strongly I am glad to say,” he added.