Cirencester Friendly have published their 2021 Annual Report and Accounts. Whilst last year continued to be a challenging year for many providers, due to the ongoing impact of the Covid-19 pandemic, the Society recorded continued growth with premium income, membership and funds under management all increasing.
- Membership increased to over 44,400 Members
- Total Society funds rose from £159.9m in 2020 to £165.4m in 2021, a 3% increase
- Premium income rose from £21.4m in 2021 to £21.7m
Being a Member owned Mutual business, where Members are at the HEART of everything the Society does, Cirencester were pleased to return 51% of premium income back to Members through claims, bonuses, interest, and other benefits.
Cirencester revealed in their transparent figures that in 2021, 93.6% of clams were paid, amounting to £8m in benefit payments.
2021 also saw the launch of YourHalo, a health and wellbeing service, adding to the range of Member Services and Benefits available, providing further reassurance and support.
Paul Hudson, Chief Executive at Cirencester Friendly said: “I continue to be immensely proud of the achievements of everyone at the Society given the extraordinary challenges of 2021. Despite the disruption of the pandemic and volatile investment markets, we have continued to deliver on our strategic roadmap, increased the Membership and maintained our strong customer service focus, while delivering a surplus to sustain our robust financial position. This solid foundation gives me considerable confidence that the Society is well placed for further long-term success.”
Read the full Annual Report & Accounts here
Make a point of asking when the last time was that they reviewed their policy; they may not be surprised to discover their policy is no longer fit for purpose. Let your client know it is your job to check the original policy’s premium to ensure they haven’t fallen victim to price walking.
Further considerations
If your clients are capital raising to complete significant renovation works such as an extension, have they considered the building work’s impact on their policy? Help them understand that a quality cover will ensure that their asset is protected while the work is ongoing, should the worst happen.
Or, if a later life lending product is the next step for your clients, then ensure that the topic of general insurance is still prevalent in your conversations. Unbeknownst to your clients, the premiums for the later life demographic are incredibly competitive and affordable, and these clients are least likely to have shopped around.
Source Insurance offers one to one training on their system for all registered brokers. If you’d like to contact a support team member, you can call 02920 265 265. Or visit www.gi.thesource.co.uk to start a new quote or register.
