At the annual conference of the Association of Financial Mutuals (AFM) in October 2017, OAC published its research into the mutual sector's contribution to savings in the NHS, the Welfare State and to employers and individuals, through the provision of health cash plans, private medical insurance policies and income protection policies.
The research, which was presented by Christopher Critchlow and Cara Spinks, was commissioned by the AFM and highlighted the importance of the sector and these products in ensuring individuals remain healthy and productive. Over £400m a year of savings was identified from the work of mutual health and protection providers. The analysis also discovered a considerable gap in protection benefits for the wider community, therefore this research highlights the potential for further savings in welfare services by expanding upon the valuable work the sector already provides.
Rt Hon Frank Field MP: "This report provides some valuable evidence of how small mutual organisations continue to operate effectively in the healthcare and protection sectors. They do this by seeking to complement, rather than compete with the NHS and Welfare State. They do not take work away from our public services, but help to pay for them."
OAC has been supporting the mutual sector for 20 years with actuarial and risk management expertise. The experience, knowledge and qualities of our consultants are reflected in the number of firms they support. We are proud to be recognised as a leading and trusted advisor on the issues and challenges that are faced by the sector.
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