News.

UK protection and health insurer The Exeter has announced the appointments of Ali Law as Chief Information Officer and Toby Bainbridge in the newly created role of Head of Insurance Solutions.

• 66% of advisers expect interest in more affordable and guided options to increase
• 30% of advisers reported feeling worried about keeping up with customer demands this year

• Use of the HealthWise member benefits app in 2023 was the highest since the pandemic
• December saw the highest monthly usage with over 440 appointments booked during the month
• 63% of usage in 2023 was to book remote GP appointments

"We are on an exciting journey to leverage our culture and technology to provide even better outcomes for our members and advisers."

• 26% of UK workers who cancelled an insurance policy in the past twelve months chose to do so because they could no longer afford it.
• Less than half (49%) of workers were aware of the additional benefits included with policies.
• Almost a quarter (24%) cancelled as they had not previously made a claim.

• 75% of UK workers express concern over the rising cost of living. 
• More than half (52%) fear they may be unable to afford their mortgage or rental payments. 
• 58% of workers are anxious about their ability to pay for utilities and food bills. 

• Almost four out of five UK workers – equal to more than 26 million people – would prefer to consult an adviser before buying an insurance product.
• The research surveyed 2,000 UK employees, and only 21% reported that they would not wait for financial advice.

• 40% of UK workers report that affordability continues to be the most important consideration when buying insurance
• Yet, 37% of UK workers overestimate the costs of income protection and life cover policies
• 59% overestimate cash plan policy costs, while almost a third (32%) responded with "I don't know" when asked to estimate the cost

• Almost a third of UK workers (32%) overestimate the value of Statutory Sick Pay – which currently stands at £109.40 per week
• According to the Exeter’s Health & Financial Fears 2023 report, women (20%) are more likely than men (18%) to not receive any employer sick pay at all
• Only 6% of all UK workers surveyed say that income protection was unimportant, highlighting the potential for income protection insurance to provide working Britons with a wider financial safety net

• 64% of workers surveyed admitted to using at least one form of private healthcare, up from 53% in 2022
• The proportion of UK workers who found it difficult to access NHS treatments or encountered delays in being given a GP appointment rose by 10% from 2022 (61%) to 2023 (74%)
• Higher living costs leads to concerns about affordability of private medical cover – figures rising from 17% in 2022 to 21% in 2023

• The new services and benefits, which will be available through HealthWise, also include the introduction of an NHS repeat prescription service

• UK workers are still struggling to save, with over a third (38%) saving less than £100 per month
• On average, male workers saved 30% more in 2023 than in 2022, while female workers only increased their savings by 7% over the same period
• Only 11% of women hold or are currently applying for an income protection policy compared to 16% of men

• Payne brings extensive experience in leading sizeable teams through transformation and operations programmes for FTSE 100 companies

• The equivalent of 19m UK workers anxious over affording food and utility bills, based on ONS employment data¹
• Fear of missing mortgage or rental payments was the fastest rising concern in 2023
• Three quarters (75%) of UK workers are worried about a future rise in the cost of living

• Use of the HealthWise service in July 2023 is almost three times higher than July 2022
• Increased uptake is being driven by remote GP services, but mental health support and physiotherapy sessions are also significantly higher than last year

• The ‘first of its kind’ development will support income protection claims, before expanding to cover the provider’s life insurance policies later in 2023.
• The UnderwriteMe backed system will offer a more personalised claims experience to members and more claims decisions from the very first point of contact.

• Suzanne Clark and Kelvin Malayapillay join the mutual, effective from July 2023

• The Exeter will provide enhanced support to members starting full-time work after finishing full-time education, and therefore may lack the financial evidence to make a claim
• If a member is made redundant and is facing financial difficulties, the new redundancy premium holiday feature waives their premiums for up to three months

18 May 2023 – UK protection and health insurer, The Exeter, has today announced that its Head of Healthcare Distribution, Karen Woodley, will be joining the Association of Medical Insurers and Intermediaries Executive Committee (amii).

• The Exeter paid out £9.9 million to its members in 2022, with the most common reason for claim being musculoskeletal conditions
• The average age of a claimant was just 36 years old on its Income First Product, demonstrating the importance of income protection for younger generations.