British Friendly Mutual Benefits
Income protection (IP) provider British Friendly has launched a benefits programme called Mutual Benefits to its new and existing customers. The programme comprises four pillars:
Mutual Support. This gives customers Health Support points each year which can be used to access a range of services from partner Square Health. Those services include virtual GP consultations, a second opinion on a medical diagnosis, physiotherapy and counselling.
Mutual Wellbeing. This provides information and tools to help members improve their health and wellbeing. There is also an app called Lose it!, which helps track activity and diet.
Mutual Rewards. This offers high street discounts via a card or online voucher. British Friendly estimates this could save the average member £200-300 a year. There is also a quarterly £1,000 prize draw.
Mutual Partners. Gives access to bespoke services from British Friendly partners. Initially the offer is for a free online will from Legal for Life.
Comment: British Friendly’s CEO Iain Clark says the aim of Mutual Benefits is to offer members practical benefits that are relevant and easy to access and which complement British Friendly’s IP cover.
Such things can be distracting to insurers to provide but, if well managed, can help engender loyalty and trust which in turn results in greater persistence levels and more referrals and recommendations too. Given that these benefits can have a significant value over time, the potential is there for this to be a strong win/win initiative.
The benefits fit well with insurance being seen as needing to offer much more than just purely financial protection benefits and the initiative deserves to do well. Importantly too, the initiative has scope for further enhancement and segmentation as new services are added and existing ones updated and tweaked. On top of previous changes, it adds up to a good package.
Plus points: A range of four types of benefit for new and existing customers; High street discounts alone can be very attractive financially; No cost to the customer; Helps engender loyalty and trust and illustrates the value of insuring with a mutual office.
Not so plus points: Many such benefits are not taken up; Such schemes can absorb valuable management resource; Benefits offered may change over time and not always for the better.
Website: http://www.britishfriendly.com.
Rating (max 10): Innovation: 8.5. Overall: 8.5. Gold
Tags: IP; British Friendly; Added service.