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Stroud & Swindon increases its focus on protection

Stroud & Swindon Building Society has increased its focus on stand-alone protection policies in a bid to defy the mortgage slowdown, reveals its head of marketing David Rodney.

Rodney says the mutual, which is tied to Norwich Union for protection business, has re-tuned its protection strategy to focus more on individual plans rather than those sold off the back of a mortgage.

He says: “Even though mortgage sales have been slower, we need to recognise that many of our customers are savings customers and we need to offer them a range of protection products to meet their needs.

“With mortgage business not so vibrant we are having to look at all of our customers to determine whether they need cover or not and if they do, then we will provide it for them.”

So far this year S&S has written 170 protection policies, 75 per cent in branch and 25 per cent through the contact centre. Rodney now says its increased focus on protection business will create a great opportunity for the Society.


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