Simon Read: 'Military Mutual is on the financial frontline for good customer service'
The financial mutual is targeting the UK's 20 million or so ex-service folk
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.I'm pleased to report that there's a new financial mutual. In fact the Military Mutual launched at the end of April and is already reporting great interest among potential customers.
It's targeting the 20 million or so ex-service folk around the country and I welcome the launch as, like all mutuals, the new company is owned by its customers. That. I believe, makes a massive difference.
Why? Because mutuals work for the benefit of their customers as they're the owners.
Other organisations work for the benefit of their investors. In short, shareholder return is their mantra – customer service comes a lowly second (if that, with some financial firms putting their own bonus payments ahead of fairness for customers.)
The new mutual has launched with low-cost motor and home insurance. Later this year it plans to add motorbike, travel, personal accident and pet insurance, as well as commercial cover for small businesses that are run or owned by members of what it calls the "military family".
Family is an appropriate word to use with mutuals, I believe, as they are – on paper at least – for the benefit of all. The Military Mutual has certainly created a stir and it told me this week that calls are coming in from potential members saying their insurance is not yet up for renewal but they will look forward to becoming a member. This is unusual by industry standards, but reflects the powerful proposition on offer.
There's a strong military presence at the company with the first chairman being Major General Sir Sebastian Roberts, who trained Prince William in the Household Cavalry. He said: "For too long, members of the military family have been a square peg in a round hole when it comes to financial services. Many, especially those serving or moving into civvy street, have needs different to the average consumer, and the mainstream financial services community has never woken up to this. Those who have served their country, or are transitioning into civilian life deserve better."
There are many other former service folk at the mutual and it plans to recruit many more as it grows over the next few years.
Eventually it may even offer banking services and would be a welcome challenger.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments