"We want to help improve access to income protection cover for more customers who have experienced short-term mental health problems"
This follows an announcement in October 2019 that the Society pledged to bring radical changes to the underwriting approach for customers who had experienced short term mental health issues that are now being managed.
The new philosophy offers a more personalised underwriting approach which will consider if cover can be provided without automatic exclusions even if medication is already being used.
A new question set also enables each applicant to be assessed individually so their full ‘mental health’ experiences, and how these are managed, are really understood.
Stuart Tragheim, Holloway’s CEO, commented: “We want to help improve access to income protection cover for more customers who have experienced short-term mental health problems and where they have recovered from the condition or it is being well managed. The historical underwriting approach adopted by many insurers is outdated and doesn’t reflect the increased knowledge and management of Mental Health conditions that is now available.
"We believe our new approach to be market-leading and we encourage other insurers to review their approach to how they underwrite customers with mental health conditions so we can improve access to insurance."
Suzy Esson, head of operations at Holloway Friendly, added: “I am very excited that we have been able to deliver this new approach to underwriting mental health conditions. As we become more aware of our mental health and the maintenance of this, it’s only right that we update our underwriting philosophy to reflect these changes.
"This is a brave, pioneering change which will make such a positive difference to the perception of mental health conditions and how we, as an industry, treat those affected by it.”
