The creation of OneFamily will form one of the largest mutual insurers in the UK, serving around one in 12 families and with more than £6 billion of assets under management.
Simon Markey, CEO, OneFamily, said:
“This is a momentous first step on our journey in creating a modern mutual - a mutual that enables families to work together to meet the financial demands of modern life.”
The mutual has worked with YouGov on a series of research projects which have confirmed that more than two thirds of families have supported one another financially, and that almost half of British adults (48%) who have provided family members with assistance have done so to help them cover day to day living costs. Over one in five (21%) have provided their parents with financial support.
The research also revealed that fewer than half of all British adults (45%) feel that their high street bank has sold them the right products, and 38% feel that their bank is not trustworthy, compared with just 6% when asked about mutual societies. Over six in ten people said they want to be given a say in how profits are used and distributed, a unique characteristic of mutuals.
OneFamily now looks to build an enduring modern mutual, with the expertise, ambition and passion to help families help each other to meet the financial demands of modern life.
One immediate impact of the creation of OneFamily will be the investment of £5m over five years into a unique customer benefit fund, the OneFamily Foundation. The Foundation gives customers the opportunity to decide how best to reinvest a portion of the mutual’s profits for the benefit of members, their families and the communities they live in.
Simon Markey commented:
“It’s clear that personal finance has become family finance. Our research tells us that families are struggling to find relevant products that meet their changing financial needs and so are turning to one another for help. OneFamily will look to combine our commercial success with enduring mutual values to offer a compelling combination of relevant products, excellent service and customer benefits, that genuinely put our members first.”
