Holloway Friendly has made eight underwriting promises to advisers and their clients including attempting to match better terms from other insurers and for advisers to challenge it if they disagree with a decision.
It said the move was inspired by signing up to the Protection Distributors Group’s (PDG) claims charter this year and the requirements which went with that.
Holloway Friendly was one of seven insurers that made the cut for the PDG’s claims charter this year. The charter aims to drive standard best practice based on adviser experiences helping clients with their claims.
The mutual made a series of commitments including to:
- Keep customers informed about the client’s application, every step of the way.
- Help advisers with applications where they need it. That could be collecting all the client’s application information, and talking responsibility for disclosure, through a teleinterview.
- To call advisers’ clients to gain medical information needed, and only contact a medical professional if it is absolutely necessary.
- If it decides to offer non-standard cover or to decline or postpone cover, to call the client to explain the exact reasons why.
- An offer to the client of a choice of an exclusion or rating where possible.
- If the adviser got better terms elsewhere, for them to tell Holloway Friendly who will review theirs to see if they can match them.
- A confirmation the mutual is happy to review and potentially remove an exclusion it has applied, if the client provides information it needs to do this in future.
- And finally, where the adviser disagrees with the underwriting decision, an invitation for the adviser to call the company and challenge it, where the mutual will listen with an open mind.
Breaking barrier between adviser and underwriter
Cura Financial Services co-managing director Alan Knowles told Health & Protection advisers often encountered a barrier between underwriter and adviser.
“What this really does is set out the expectations from Holloway Friendly and put in such a way that is quite warming to the adviser because it says: ‘If you think we’ve got it wrong or you think we can change our minds, call us and challenge us and talk to us,'” Knowles said.
“In terms of what resonates with me the most, it’s that last commitment because that’s something we’re well known for doing at Cura, we do challenge decisions and that’s the only way to challenge the status quo we think.
“But to almost encourage that is really brave of them because they absolutely will get that and insurers don’t usually encourage you to do that.
“Usually insurers say: ‘Look, this is our decision. We’re already writing to your client and telling them we’re not going to offer them cover’. And if you ring them, they say: ‘Why are you ringing? Why are you challenging us on this?’
“But actually what Holloway Friendly are saying is: ‘If you’ve got more information, we’ve got an open mind and we’ll listen’.”
And Knowles added that he knew from personal experience the mutual would follow up on its commitment.
“They will do this as well because I’ve had clients where there should have been a decline where Holloway Friendly have covered them or where I’ve gone back and said I don’t think you’ve got this right or I think you can do better and they have looked at it and they have tried their best to offer cover.
“So I think to go out to all advisers and say that, is really, really big of them,” he added.
Proud to recommend products
PDG itself said: “What a great thing to do Holloway Friendly. The whole purpose of our claims charter is to help improve customer outcomes, so it’s brilliant to see your teams getting inspiration from that to extend into underwriting too. We love it.”
The commitments met with backing from other advisers on LinkedIn, who also singled out Holloway Friendly head of underwriting Helen Jacobs and the team, for particular praise.
Emma Astley, owner of Cover My Bubble, said: “Helen Jacobs you’re bloody smashing it and I’m so proud to recommend your products to clients as the full journey is amazing and what’s best for the client’s outcome.
“Some insurers are a bloody nightmare and so far behind with UW and claims which is disappointing and also reasons why we don’t recommend them to clients until things improve. Keep being amazing and I love how you listen and tweak if needed.”
