Shepherds Friendly CEO, Ann-Marie O’Dea was recently awarded the prestigious title of Most-Influential Personal Investment & Insurance CEO in Northern England by CEO Monthly.

Ann-Marie was commended for her unique leadership style, and for her dedication to maintaining the mutual culture at Shepherds Friendly of putting your clients first every time.

As part of her feature in the April issue of CEO Monthly, Ann-Marie said:

“As all members own the society, and there are no shareholders, everything is done for the benefit of the membership and the organisation’s ethos as a mutual gives it a different approach, meaning it can spend time and energy on understanding its members and how it can help them.”

CEO Monthly also highlighted the way that Ann-Marie has overseen various developments and innovations that have provided additional value to your clients, such as the Nuffield Health Benefits included with Shepherds Friendly Income Protection plans.

Ann-Marie commented on what this achievement means to the organisation: “It is great to see all of our hard work being recognised. This award is an endorsement of everything that the company has been working towards over the past few years.”

To read more about Ann-Marie’s achievement in this year’s CEO Monthly awards, you can read her feature their April 2023 issue of CEO Monthly.

We are delighted to announce that Shepherds Friendly paid 96.2% of Income Protection claims in 2022, which was an increase from the 95% of claims paid in 2021. Since 2018, the organisation has paid, on average, 95.3% of claims.

The top five causes for claims were as follows:

• Musculoskeletal (non-spinal) problems – 28.29%
• Spinal issues – 11.70%
• Mental Health – 10.65%
• Coronavirus – 9.24%
• Fractures – 7.09%

In addition to claims paid in 2022 our Enhanced Benefits also supported our members:

• We paid out £26,000 in death benefit (£6,000 in monthly instalments paid out to families in the unfortunate event that a member passes away during the course of their plan).
• We paid £2,500 in new child payments (£250 payment into a Shepherds Friendly Junior ISA when our members welcome a new child into their family).

• 16.2% of Income Protection members used the unlimited 24/7 Virtual GP service, powered by Doctor Care Anywhere (to the end of February 2023).

Our Head of Claims, Dan Palk, commented: “Our mutual ethos means we focus on supporting our Income Protection members when they need us the most. Income Protection is arguably the most important financial product a person can have and our focus on paying claims has meant valuable financial support at a very difficult time. These claims statistics prove the product paid out as promised when needed.”

Stuart Boseley, Financial Adviser at Best Insurance, said: “A common question customers asked is “what percentage of claims are paid out?” It becomes a comparison point and an important part of their decision-making process. It is great, as always, to see Shepherds Friendly has released its claim stats for 2022 so early in the year. It backs up their ethos and commitment to customer service, it also allows our consultants to provide a thorough and unbiased presentation of facts, which is so important and refreshing for customers in their buying process.”

For more information on Shepherds Friendly Income Protection and how we can help you protect your clients, find out more on our product page.

We are delighted to announce the recent success of Shepherds Friendly in the Defaqto Protection Service Review 2023, in which we received a Gold rating for our Protection Service.

The review, conducted by Defaqto, consisted of a survey sent out to financial advisers between August and September 2022 to rank the importance of ten categories of service in the protection sector, and how providers performed in each of the categories.

Of the ten categories, claims handling and administration, new business processing, and underwriting services were found to be the top three categories that intermediaries ranked as being the most important, and we are delighted to have been recognised by advisers in all three of them, among others.

Shepherds Friendly was rated first or joint-first in the following categories: provider brand and strength, new business processing, existing business administration, business development managers, and underwriting services.

We also placed second in claims handling and administration, commission and remuneration, online services, and technical assistance, meaning we were recognised in nine of the ten total categories across the review.

As noted by Defaqto in the report: “For the second year running, Shepherds Friendly, the specialist income protection provider, made most appearances in the top three positions for satisfaction across all categories.”

Laura Hassall, Head of Sales at Shepherds Friendly, commented on the achievement: “This result is a testament to the hard work that has gone into the award-winning service that we provide to our intermediary partners and their clients, and we are grateful to the intermediaries we work with for their recognition of our team and quality products.”

To find out more about the Defaqto Protection Service Review, you can view the full report on their website.

Shepherds Friendly is pleased to announce the expansion of their successful partnership with Nuffield Health, the UK’s largest healthcare charity. From the start of the year, our Income Protection Enhanced Benefits will include the Rehabilitation Support service, which gives free access at a point of claim to physiotherapy and mental wellbeing support.

The expansion of the Income Protection Enhanced Benefits provides members with Nuffield Health’s exceptional Rehabilitation Support service and care. Some of the new benefits provided include:

• Emotional wellbeing support with an extensive network of mental health practitioners and psychiatrists, and an app to track progress and recovery.
• Physiotherapy support with prescribed exercise content to help personal development, and video or telephone consultations with a physiotherapist. Income Protection members will be further supported with online advice and educational content, as well as access to over 4,000 physiotherapists.

Ben Jones, Senior Product Manager at ActiveQuote, said: “It’s very useful to be able to explain to customers either during initial advice or when reviewing their needs that they have a policy that can offer multiple forms of assistance. With budgets being squeezed and health services under pressure, access to extra help free of charge is very valuable.”

Daniel Simpson, Chief Innovations Officer at Shepherds Friendly said: “Ensuring our members get the most from their Income Protection plan is important to us.  Partnering with Nuffield Health […] has allowed us to offer access to essential benefits such as physiotherapy and emotional wellbeing at point of claim, aiding a member’s recovery and their return to work sooner. These services support our mutual ethos of being there for our Income Protection members when they need it the most.”

Find out more about our Income Protection Plan

If you would like to know more about our Income Protection plan, please visit our website for more details: Income Protection | Shepherds Friendly for Intermediaries. Alternatively, you can contact the Shepherds Friendly Business Development team on 0161 495 6495 during office hours (Monday to Thursday, 9.00am – 5.00pm; Friday, 9.00am – 4.00pm) or email [email protected].

What is income protection awareness week?

The Income Protection Task Force has announced that this year income protection awareness week will take place from 17th – 21st October. The awareness week is a dedicated week in October that aims to promote the importance of income protection insurance.

If you couldn’t work because of an illness or injury, would you be able to keep up with daily living costs for you and your family? In this article, we will help you to understand income protection better and decide whether or not income protection is right for you.

What takes place during income protection awareness week?

Each day from 12pm-1pm during income protection week aims to teach something new and focus on a different aspect of income protection. These include:

· Monday – Why the time is now for IP

· Tuesday – Mortgages and IP – The perfect partnership?

· Wednesday – Decision time for wealth advisors – write it or refer it?

· Thursday – Growing your advice business with IP

· Friday – Putting inspiration into practise

To find out more on IPTF’s income awareness week visit their website.

Why do you need Income Protection?

If you are too ill to work you can get up to £99.35 per week Statutory Sick Pay (SSP) for up to 28 weeks from the government, however for most people, this will not be enough to cover all of their living expenses.

This is where income protection comes in. Replacing up to 70% of your gross income, it will most likely cover you for longer than statutory or any employer sick pay you may be entitled to. This would help cover any mortgage or rent payments, household bills, childcare costs as well as any other ongoing living expenses.

Having income protection in place also prevents you from having to use up any savings you may have or take on debts. People without income protection who are off work for a pro-longed period may have to rely on someone else for income, or significantly change their lifestyle if they find themselves unable to work because of their health.

How much does income protection insurance cost?

The amount you pay depends on the percentage of your monthly income you want to cover, and the period you choose to wait before you begin to receive payments (this is called a Waiting Period). At Shepherds Friendly, our Income Protection starts from just £5 a month. You can cover up to 70% of your gross income and you can choose a Waiting Period from just 4 weeks, all the way up to 52 weeks.

Are income protection payments taxed?

No, income protection payments are not taxed. Instead, payments cover 70% of your regular gross income and is not subject to national insurance. If you’re self-employed income protection payments can cover up to 70% of your net profit.

What are income protection benefits?

While the core benefit of income protection is replacing up to 70% of your gross income, providers may offer additional benefits. Shepherds Friendly have partnered with Nuffield Health to provide members with an Enhanced Benefits package in addition to their Income Protection plan. These benefits include 24/7 medical advice from a virtual GP, an emotional wellbeing app to support your ongoing mental health and 20% off a Nuffield gym membership.

Shepherds Friendly also have Family Support Benefits which include a £250 New Child Payment for member’s children born or adopted during the time the plan is held, and in the unfortunate event a member passes away during the plan, a £6000 Bereavement Payment will be paid to the family of the deceased.

Does income protection cover redundancy?

No, income protection does not cover redundancy or dismissal. As it only covers loss of income due to health reasons or being incapacitated. Furthermore, income protection does not cover any time off work due to unemployment or resignation.

When to claim income protection?

You should claim for income protection as soon as you fall ill or become injured and will be off work for an extended period of time.

The most common reasons for claims on an income protection plan are musculoskeletal problems, injuries, and mental illnesses. However, the plan will also cover you for other more serious illnesses like heart attacks and cancer.

Your first claim payment will be paid after your chosen waiting period ends. A waiting period is the length of time from when you become ill or have an accident, to the date when we start to pay sickness benefit. For more information visit what type of income protection do you need?, 10 misconceptions about income protection and income protection vs critical illness.

We may still be letting the dust settle on our recent successes at the Investment Life and Pensions Moneyfacts Awards 2022, but that hasn’t stopped more awards news from coming in! We’re delighted to announce that we have more reasons to celebrate following two wins at the coveted COVER Customer Care Awards 2022.

Almost everyone in the health insurance and protection industry will be familiar with COVER magazine and the annual series of awards that they run. The COVER Customer Care Awards aim to celebrate the providers and third parties who put the human behind the policy first by providing excellent standards of service.

With a panel consisting of experts within the industry, from familiar names such as Sesame Bankhall Group, Square Health and Primis Mortgage Network to specialist journalists from COVER itself, the judging process is thorough and carried out by those who know the industry inside out.

We sent a few members of our team to represent us at the COVER Customer Care Awards 2022 ceremony, which took place on Wednesday 28^th September at the Montcalm Marble Arch in central London. The great news is that we finished the night with two wins to celebrate in the following categories:

• Outstanding Claims Management Team
• Outstanding Business Development Team

Our newly promoted Head of Sales, Laura Hassall attended the event and commented:

“This win is truly such an honour – I’m thrilled and couldn’t wait to share the news with the rest of the team. We believe that going above and beyond to build positive and productive business relationships with the advisers we work with is key to delivering the best outcomes for their clients. We work closely with our intermediary partners, provide training, tailored marketing materials and are always happy to be a point of contact.

“Winning this award shows that we’re obviously doing something right, but that doesn’t mean we won’t keep finding ways to make more improvements for our intermediaries and our members.”

Dan Palk, our Head of Claims was also in attendance on the night and added:

“Winning this award is a huge compliment to our Claims team who work hard to support our members with care and compassion, at what is often a difficult time for them. Each claim is handled on an individual basis and every member is treated as a human, not just a number. Our aim is to deliver fair outcomes every time with the member at the forefront, whilst always finding ways to improve how we work. It’s great to see all of this hard work being recognised at such a highly regarded event.”

Thank you to the judges for awarding us with these wins and well done to our Business Development and Claims teams!

To stay up to date with other award news and the latest updates from the Society, don’t forget to follow us on Linkedin.

As a mutual society, we are committed to providing our membership with genuine value through plans that are fair and honest. In compliance with the Financial Conduct Authority’s (FCA) new product oversight and governance requirements, we are pleased to announce that our pure protection products were assessed and found to be of fair value for our members.

Shepherds Friendly pure protection plans, relating to our Income Protection and Over 50s Life Insurance, from across our product groups, were assessed by the Society’s Fair Member Benefit Committee, Risk and Compliance team, and Chief Actuary. The assessment covered both active open and legacy plans, based on the target market, and product value was determined on product design, risk and costs, distribution, data, and testing.

Following the audit, the Executive Directors and Board have found no evidence of any plans delivering unfair value to members and they approved a new product oversight and governance policy to ensure we continue to meet the needs of our target market and members.

Head of Risk and Compliance, Graham Findlater, commented on the assessment: “The Financial Conduct Authority regulations are in place to ensure that the plans being offered to our members are valuable and offer the level of service that our membership has come to expect from us. We are satisfied that our active open Income Protection and Over 50s Life Insurance plans and closed active pure protection products provide fair value and comply with the new product governance policy from the FCA.”

To download a PDF summary of the Product Governance and Fair Value Assessment, click here.

It was a successful night for Shepherds Friendly at the Investment Life and Pensions Moneyfacts Awards 2022. We left the recent ceremony with four ‘Highly Commended’ and ‘Commended’ trophies as we were announced within the lists of top providers for all of the categories we entered. The team is thrilled with the result and grateful to the advisers that helped make this possible.

The annual Investment Life and Pensions (ILP) Moneyfacts Awards 2022 ceremony took place recently, and we sent some of our Business Development and Marketing teams to the London Hilton on Park Lane attend and represent our Society at the gala-style event.

Since the formation of Moneyfacts over three decades ago, the Moneyfacts Group has been a valuable resource for consumers and financial advisers when it comes to comparing financial products. They also host a variety of awards every year that aim to shine a spotlight on the best providers in the industry, based on their product offering and the service provided.

As the “the unrivalled highlight of the year for the investment, life and pensions market”, the ILP Moneyfacts Awards are highly respected within the industry and the competition is often very strong. The winners are chosen via an in-depth process, which includes 12 months of product monitoring and consultation with financial advisers.

At the 2022 awards, we submitted entries for four categories and here’s how we got on in each of them:

· Highly Commended in Best Protection Service

· Highly Commended in Best Claims Support

· Highly Commended in Best Junior ISA Provider

· Commended in Best Income Protection Provider

Amongst the lucky members of our team who got to attend the awards was our Chief Sales Officer, Antony Uttley:

“Like many others in the industry, we look forward to the ILP Moneyfacts Awards ceremony; it’s always a great night, full of new and familiar faces. However, it’s always better when you get to bring home a trophy and, this year, we’re delighted to have come home with four.

“Our members and intermediaries always come first – our products and service are always developing and evolving to make sure their needs are met. Having all of this hard work recognised is definitely an honour, but to have it recognised by a body as highly respected as Moneyfacts is even more impressive.”

Congratulations to all the winners on the night. We would like to offer a huge thank you to Moneyfacts Group for the accolades and, again, we would also like to thank all of the advisers that supported us – we couldn’t have done it without you!

To stay up to date with other award news and the latest updates from the Society, don’t forget to follow us on LinkedIn.

Shepherds Friendly has been shortlisted in the Protection Guru Awards 2022 for Outstanding Performance in Claims Handling.

Celebrating the Protection industry

The Protection Guru Awards aim to celebrate the hard work and professionalism of advisers and providers in the protection industry. For 2022, the awards shortlist was decided based on intermediary votes for providers who have gone above and beyond in their respective categories.

Making a difference to our intermediaries

We are delighted to have shortlisted for Outstanding Performance in Claims Handling and to be recognised for the high performance of our Claims team, providing positive outcomes for our intermediaries and their clients.

Liam Barker, Business Development Manager, commented on our shortlisting:

“It is fantastic to have been recognised by advisers voting in the Protection Guru Awards for the strength of our Claims team. As a mutual we always aim to put service first and liaising with advisers only makes the process more robust and fairer in providing such positive outcomes for our membership.”

From a Claims perspective, Dan Palk, Head of Claims and Underwriting, added:

“We are thrilled to have been shortlisted in the Protection Guru awards. This is not only a testament to the hard work and dedication of the Claims team at Shepherds Friendly, but more importantly, shows that we really put our members first at their time in need.”

The winners of this year’s Protection Guru Awards will be announced on Friday 7^th October at the Waldorf Hilton in London.

We are proud to announce that our Income Protection is now available on The Exchange, from Iress. This is a huge opportunity to expand our offering to a brand-new market of intermediaries.

Getting a quote is quick and easy

Intermediaries can now use the platform to get quotes for their clients and compare Shepherds Friendly with different providers online. Our premiums are never loaded or rated, regardless of smoking status, BMI, medical history, occupation, or hobbies, so the quoted premium is the price that clients pay.

Making Income Protection simple

This follows the launch of Shepherds Friendly Income Protection (Simplified Application) in May 2022, which allows us to offer cover without in depth medical questions by introducing a moratorium on pre-existing health conditions. Intermediaries can use the platform to acquire Income Protection quotes for their clients with both the Simplified Application or fully underwritten route, now known as the Full Health and Lifestyle Application, based on their eligibility.

The Society hopes that these forward-thinking changes will help to bring Shepherds Friendly Income Protection to a greater number of clients, granting them and their advisers easier access to the protection products that they need.

Contact us

If you would like to know more about the Income Protection (Simplified Application), or wish to discuss Iress with us, please contact the Business Development team on 0161 495 6495 during our office hours (Monday to Thursday, 9.00am – 5.00pm; Friday, 9.00am – 4.00pm) or email [email protected].