Shepherds Friendly has struck a new distribution deal with Simplybiz as part of its wider push to grow its presence in the adviser market.
The mutual has agreed a partnership with the compliance and business support group, which is owned by fintech services provider Fintel, to offer its income protection products to Simplybiz’s network of UK advisers. The move is designed to extend access to what it describes as a “niche” income protection offering that removes traditional underwriting barriers for certain groups.
Under the agreement, Shepherds Friendly’s Simply Income Protection plan will now be available to all Simplybiz members. The product, which is underwritten on a moratorium basis, does not apply any premium loading based on occupation, smoker status or other risk factors – a key differentiator that the provider believes makes it more accessible for under-served groups.
The plan has been designed to support people who often face difficulties securing affordable cover, particularly younger clients and those with pre-existing health conditions.
Phil Nash (pictured), chief sales officer at Shepherds Friendly, said the deal marks a significant step in the society’s strategy to increase its market share through intermediaries. “We’re really pleased to have entered this agreement with Simplybiz as like our own organisation, it has ambitious plans to grow its market share further,” he said.
“As a friendly society, one of our core goals is to improve consumers’ access to products and enhance their financial resilience. By giving more intermediaries the ability to offer our unique product range, we believe we’re increasingly delivering on this goal,” he added.
“We know that those with pre-existing conditions and in younger age brackets are typically underinsured on the income protection front and we hope that by expanding access to products tailored to these people we can start to change this.”
Emma Vaughan, head of protection and health solutions at Simplybiz, welcomed the addition of Shepherds Friendly to its provider panel, highlighting the value of expanding access to alternative protection products. “We’re always looking for new ways to help our members access the most suitable products to meet their client individual needs, and our strengthened relationships with Shepherds Friendly does just that,” she said.
“Shepherds Friendly offers a fantastic range of innovative and niche income protection products, designed with an aim which aligns with our own – to deliver better outcomes to as many clients as possible.”
