Holloway Friendly

Holloway Friendly Insurance Review

Holloway Friendly Society, better known as Holloway Friendly, is a venerable insurance provider with a rich history stretching back to 1875. Founded by George Holloway, a businessman and Member of Parliament from Stroud, Gloucestershire, the society's initial purpose was to offer financial security to employees facing illness or accidents. This review delves into the company's background, offerings, customer experience, and overall value proposition, providing a comprehensive assessment for potential clients and advisors.

Overview

Year of Establishment and Background Story

Established in 1875, Holloway Friendly's genesis lies in the foresight of George Holloway. Recognizing the financial vulnerability of employees during illness or injury, he established a mutual aid society – a pioneering concept for its time – pooling small contributions to create a safety net for those in need. This foundational principle of mutual support remains central to Holloway Friendly's identity today.

Key Milestones in the Company’s History and Growth

• 1875: Founded by George Holloway.
• 2023: Paid out a record £4.3 million to members, highlighting its commitment to fulfilling its promise of financial support during times of hardship.
• Regulatory Compliance: Authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 109986). This regulatory oversight assures clients of the company's financial stability and adherence to industry standards.

Regulatory Compliance and Licenses

Holloway Friendly operates under the stringent regulations of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (FRN 109986). This regulatory framework ensures the company maintains robust financial practices and adheres to high standards of consumer protection, providing clients with confidence in the security of their investments.

Insurance Products and Services

Main Insurance Products

Holloway Friendly's core offering centers around income protection insurance. This crucial coverage provides financial support to individuals unable to work due to illness or accident. This helps maintain financial stability and reduces the stress associated with unexpected medical events.

Coverage Options and Policy Details

The company provides various customizable options to suit individual needs. Policyholders can choose between age-based pricing (starting lower, increasing with age) or level pricing (constant premiums, typically higher initially). They also have flexibility in choosing the duration of sick pay (from 1 to 2 years or up to a chosen retirement age) and the deferred period before payments begin. This flexibility allows clients to tailor their coverage to their specific circumstances and budget.

Additional Services

Beyond its core income protection offering, Holloway Friendly enhances its value proposition with additional services. These include 24/7 GP access (this requires further clarification regarding accessibility and limitations), and dedicated adviser support to assist both clients and brokers. The company provides a specialized online resource called Kaleidoscope, an innovative platform for advisers, which offers interactive training materials, marketing guides, and sales support to boost income protection knowledge and business acumen.

Premiums and Pricing

Pricing Structure

Holloway Friendly provides two primary pricing structures: age-based and level premiums. Age-based premiums start lower but increase annually with age, while level premiums remain constant throughout the policy term, but typically at a higher initial cost. This dual approach enables clients to select a pricing model aligned with their long-term financial planning.

Comparative Analysis with Industry Averages

While specific comparative data isn't readily available within the provided sources, Holloway Friendly positions itself as offering competitive premiums within the income protection market. Further independent research would be needed to verify this claim against market benchmarks.

Discounts and Special Offers

Currently, no specific multi-policy or other discounts are explicitly advertised by Holloway Friendly. However, the flexible pricing options provide a degree of customization that allows clients to optimize their premiums based on their individual requirements.

Customer Service and Support

Contact Methods

Holloway Friendly offers several channels for customer support: telephone (0800 0931 535), email ([email protected]), and online support through their website. This multi-channel approach strives to provide convenient access to assistance.

Availability of 24/7 Support and Multilingual Assistance

Customer support is available during standard business hours (9am – 5pm, Monday – Friday). 24/7 support and multilingual assistance are not currently offered. This limitation may present a challenge for clients requiring immediate assistance outside of business hours or those who prefer communication in languages other than English.

Pros and Cons of Holloway Friendly Insurance

Pros

• Straightforward and Customer-Friendly Approach: Holloway Friendly maintains a reputation for clear communication and a supportive approach to its members.
• Flexible Pricing Options: Age-based and level premium options provide flexibility to suit diverse financial situations.
• Comprehensive Coverage: The income protection insurance provides substantial financial assistance during periods of illness or injury.
• Dedicated Adviser Support: A dedicated Business Development team assists advisors with sales techniques, objection handling, and application processes, ensuring smooth onboarding for clients.
• Additional Services: The inclusion of 24/7 GP access (subject to clarification on access details) enhances the overall value proposition.

Cons

• Limited Customer Support Hours: The lack of 24/7 support may be inconvenient for some clients.
• Absence of Multilingual Support: The lack of multilingual support could exclude non-English speakers.
• Lack of Explicit Discounts: The absence of advertised discounts may make the policy less competitive for some.

Conclusion

Holloway Friendly Insurance presents a compelling option for individuals and families prioritizing comprehensive income protection. Its long-standing reputation, flexible pricing, and dedicated support for advisors are significant strengths. However, the limited customer service hours and lack of multilingual support represent areas for potential improvement. This makes it a particularly suitable choice for individuals seeking robust income protection coverage combined with a straightforward and supportive approach from their insurer.

Recommendations: Holloway Friendly's income protection insurance is particularly beneficial for those seeking reliable financial security during periods of illness or injury. The company's straightforward processes and dedicated advisor support make it an attractive choice for both clients and advisors prioritizing clarity, support, and strong financial protection.

Frequently Asked Questions about Holloway Friendly Insurance

1. What types of insurance does Holloway Friendly offer? Primarily income protection insurance.
2. What are the coverage options? Age-based or level prices, sick pay duration choices, and flexible deferred periods.
3. How does the claims process work? Claims can be submitted online or through contact with the dedicated claims team. Details of this process warrant further investigation through Holloway Friendly's official channels.
4. What additional services are offered? 24/7 GP access (subject to further details) and dedicated adviser support; access to Kaleidoscope, a learning platform for advisors.
5. Is Holloway Friendly regulated? Yes, by the PRA and FCA (FRN 109986).
6. How can I contact Holloway Friendly? By phone (0800 0931 535), email ([email protected]), or via their website.

References

• [1] https://www.paradigm.co.uk/protection/providers/Holloway-Friendly-Society.html
• [2] https://holloway.co.uk/member/discover-holloway/about-holloway/
• [3] https://holloway.co.uk/member/contact-us/
• [4] https://holloway.co.uk/adviser/content-and-learning/