National Friendly, the Bristol-based specialist finance firm, has linked up with global insurance group Munich Re to support its launch of a new income protection proposition.
Under the partnership with Munich Re’s Automation Solutions business, National Friendly will provide simplified access to income protection insurance to its traditionally underserved members. 
While National Friendly specialises in private medical insurance, particularly for older members, and social and adult care funding products as well as over 50s guaranteed savings plans, it has not previously offered income protection.
It has adopted Munich Re’s ALLFINANZ SPARK solution to launch the new product, saying its extensive analytics and reporting capabilities were designed to “translate the complex world of underwriting into a straightforward, user-friendly experience”.
It facilitates the underwriting of the new offering, allowing its brokers to reach a wider range of customers with a faster, more efficient application process.
The new proposition, which covers everything from accidents to chronic health conditions, comes as part of a wider push by National Friendly to offer income protection to a cohort of members traditionally underserved by the market due to their occupation or medical history.
Using SPARK, National Friendly has designed an offering capable of giving members what it says is a fair and accurate assessment, even if their earnings fluctuate.
National Friendly CEO Graham Singleton, pictured, said: “Earlier this year, following conversations with our intermediaries, our leadership team recognised that a proportion of customers were being underserved by the traditional insurance market when it came to income protection cover.
“We wanted to turn that around as soon as possible. We knew our timelines were ambitious, but Munich Re matched our pace at every turn. We were thrilled to soft launch our new proposition last month.
“It’s a totally user-first experience thanks to Munich Re’s streamlined interface. We have already seen our clients benefit.”
Munich Re Automation Solutions vice president, EMEA, Paul Donnelly added: “Income protection is an essential part of financial or life planning, but a complex application process can make income protection hard to access.
“In fact, it can make people feel excluded, or that such products are not for them. National Friendly is an organisation that embodies the ideals of mutualism that were the foundation of our industry, together with a drive to innovate on behalf of its members and clients.
“We share their commitment to people-first, accessible product design, and are delighted to be working with them.”
Established in 1868, National Friendly has no shareholders and exists to serve the best interests of its 33,400 members.
Its vision is to be a forward-thinking and trusted mutual that meets the health, welfare and protection needs of its members through a portfolio of innovative insurance products. Its head office is on Bristol’s Queen Square.
