Holloway Friendly has launched My Sick Pay – a simplified income protection (IP) proposition with just one product which will replace its existing Purely, short term income protection and one2protect offerings.
Advisers can now choose level or age-based prices, short or long term pay-outs, and guaranteed or reviewable prices across all jobs in one place, the mutual said.
The new product, which is available on all main adviser portals from 21 February, is also a move to individual pricing based on more rating factors, such as the job and if the client smokes.
“Our existing products have delivered sustained growth in recent years, but we recognise that they’ve served niche areas of the market,” Martin Sincup, head of marketing and propositions at Holloway Friendly, said.
“There are two areas of adviser feedback we’ve really focused on to create My Sick Pay.
“The first was simplifying our proposition from multiple products into one, making it easier for advisers to understand and advise on.
“And the second was that advisers wanted consistent options across all job types to help them set up the right cover at the right price. They wanted us to close some significant gaps in our offering.”
The mutual said this would mean a fairer and more appropriate price, stating it will be able to “deliver better value for money to more clients”.
“We’ve also rewritten our literature from a blank sheet of paper so it’s free of jargon and easy to understand. We’ve removed things like defined terms and use friendly, direct and everyday language. We want our terms and conditions to be the easiest to read in the market,” Sincup added.
Stuart Tragheim, CEO at Holloway Friendly, described the new solution as a “step change” in the mutual’s offering.
“We’ve listened and delivered on what the market has asked us for from a product perspective,” Tragheim said.
“But equally important to us is that we can keep delivering great service to advisers making it easier to do business with us.”
Defaqto has given the solution a five star product rating. Ben Heffer, insight consultant for life and protection at the firm, added: “Holloway Friendly’s decision to replace its existing multiple product proposition with a single plan is, in my view, a sound one.
“Having all the features and benefits advisers favour in one plan makes building a client solution so much more straightforward.
“Comprehensive products such as this are deserving of their five star rating. But, moreover, the literature is a joy to read. It’s clear and written in language which ordinary people can understand with no industry jargon; this has to be a move in the right direction.”
Roger Edwards, marketing director at Protection Review, also recognised the improved literature. “Advisers and customers will appreciate the clarity, but most importantly they’ll find it engaging too. Rarely do product providers put as much effort in to their words as their features,” he said.