"AOIP gives advisers an option that helps clients manage their money more effectively without hurting their disposable income."
- Graham Singleton, CEO of National Friendly
National Friendly has reported that July 2024 had the most sales of its Accident Only Income Protection (AOIP) which launched in April 2021 – 23% higher than its previous record month in June 2024, following product enhancements.
READ MORE: National Friendly announce major developments to its AOIP proposition
There has been a continuous upward trajectory of sales since the alternative Income Protection (IP) product was launched – which the Society also offers through advisers. Sharing its claims data for the first half of 2024 (January-June), National Friendly reported that falls (13%), sports injuries (11%), and car accidents (8%) were the most common causes of claims. Hazardous pursuits made up 6% of claims with football (36%) and rugby (28%) the main reasons. Notably, working with horses, stock car racing, bike riding, skateboarding, hockey, and jet skiing also featured under hazardous pursuit claims.
The average length of claims across all valid AOIP claims was 4.2 months with 97% of claim decisions made within three working days. Reporting on gender, 70% of AOIP policies sold in the first half of 2024 were to men.
National Friendly’s virtual GP services were used for 577 appointments in the first half of the year with 100% of users rating their experience as excellent, very good or good. The most common reasons for referrals were Musculoskeletal (MSK)/Orthopaedic (58%), Dermatology (9%), and Cardiology (7%) between January & May 2024.
As of September 20024, National Friendly will be delivering more product enhancements, launching level premiums for AOIP, reviewable every five years – premium-led quotes are also now obtainable.
“National Friendly is constantly updating its products to better meet the needs of our clients. By offering affordable, easy-to-apply AOIP, we’re helping people who don’t have coverage get the protection they need within their budget,” explained Harris Khan, Director of Life Without Lemons.
He said: “Since accidents are a big reason people can’t work, this kind of IP is really valuable. The addition of premium-based quotes and level cover options is a great improvement that should make it easier to share and use the product.”
Graham Singleton, CEO of National Friendly, highlighted that AOIP offers a solution to a “huge, underserved part of the population, who may have found IP difficult to obtain due to health reasons or affordability.
“We’re big believers in IP but we also recognise that not everyone can afford it. AOIP gives advisers an option that helps clients manage their money more effectively without hurting their disposable income,” he concluded.
