UK-based FinTech Stubben Edge Group (the Company) and National Friendly (the trading name of Mutual, National Deposit Friendly Society Ltd) have announced a new partnership to harness the Company’s technology and distribution expertise to National Friendly’s people-focused bespoke insurance products.
This is the first time the Mutual has worked with a FinTech to distribute its products to affinity groups. The Company’s technology solution provides seamless distribution via a single platform to multiple affinity groups and white-labelled clients, such as those recently announced as affinity partners, the British Pest Control Association, Association of Specialist Fire Protection, and the Institute of the Motor Industry, with new partners due to be onboarded in the next few weeks.
THAT OVER 50S PLAN
The first product to go live on the platform is Over 50s Guaranteed Life Assurance. This product pays a guaranteed lump sum upon the death of the policyholder, provided they have held the policy for the qualifying period. Acceptance is guaranteed without any medical questions, subject to a two-year qualifying period. If the policy holder dies within that qualifying period (not following an accident), the premiums they have paid to date will be repaid.
However, if the customer answers two questions when taking out the policy, they can be eligible for a lower premium, an increased sum assured and a shorter qualifying period of only six months – the shortest qualification period available in the market today. Built into the policy is the addition of access to National Friendly’s virtual GP service “Friendly GP”, which enables the policy holder to access a GP 24 hours a day, 7 days a week, via telephone, video consultations, and an expedited referral system should further treatment options be investigated.
Oliver Jones, Sales & Distribution Director at National Friendly:
“In an ever-changing world it is important that we as a mutual society remain agile and adapt and utilise new technologies to bring protection to customers in a way that’s informative, convenient and time effective. By partnering with Stubben Edge we are able to do just that. Creating a tailored online customer journey bespoke to the affinity group, the collaboration will help empower customers to make their own informed decision as to what insurance products meet their needs with the added confidence that it is endorsed by their trusted professional association.”
Karen Barretto, Deputy CEO of Stubben Edge, said:
“The Insurance Industry, Mutual Societies and Trade/ Professional Associations share a long and distinguished history of spreading risk and sharing costs for the benefit of all, in addition to the ability to leverage membership data to provide better quality and better-informed insurance products for the membership base. We’re delighted to announce this partnership which, by harnessing our tech to provide simple to use, online buying journeys and access to our wider distribution network, brings further benefit to the membership base.”