British Friendly Society is developing a new income protection product and has hired former Pioneer Friendly Society chief executive Paul Protheroe on a consultancy basis to work on the launch.
Protheroe left Pioneer in November 2004 to set up consultancy Positive Insight, which is working with British Friendly on the product;
British Friendly would not comment on product details but a spokesman said: “Details will be confirmed this month with a launch date of October planned.”
Protheroe says: “It is going to be a new product and will compete effectively in the market rather than a traditional Holloway product, which is what British offers at the moment. It is going to meet the needs of the modern income protection market.”
CBK Colchester principal Peter Chadborn says: “Any new product to any market must bring a competitive edge if they want to make an impact and this can be either features driven or price driven. This is particularly relevant with the IP market which, despite vocal support from all corners of the industry, still experiences stagnant sales figures.”