Foresters Friendly Society to enhance its member and intermediary offering with new system
Thursday, July 26, 2018
Foresters Friendly Society, the mutual financial services provider, is delighted to announce that it has selected Exaxe, the award-winning SaaS solutions provider for the life and pensions sector, to deliver full end-to-end policy lifecycle support to its digital strategy.
The decision comes after a record year for Foresters Friendly Society who, in 2017, reported a 30% increase in premium income to £27 million and another annual increase in total funds under management to £280 million.
Foresters Friendly Society chose Exaxe for its end-to-end capabilities to equip the Society with future proofed technology that will enhance its digital capability to meet the emerging challenges it faces in a dynamic marketplace. The Exaxe solution will lay the foundation for Foresters to offer existing and new products, services and member benefits from a digital platform and via new branch, member and adviser portals.
The solution will enable Foresters to provide member focused products administrated in a way that will allow members, prospects and its advisers and introducers to communicate with the Society as they choose, and at a time that suits them. Enhanced online capabilities will meet the needs and expectations of a modern day financial services customer whose basic requirements for transacting with the Society are likely to be based on access to policy information and the Society’s member benefits and branch community 24 hours a day, 7 days a week.
Grant Streader, Head of Insurance Operations at Foresters Friendly Society, commented:
“Foresters Friendly Society needed to replace our existing IT applications in order to support our business strategy, to achieve sales growth and to reduce maintenance costs. The proposed solution delivered on a SaaS basis is designed to bring the Society’s technical capabilities up to date and provide a sustainable solution that will automatically keep pace with technical advancements, changes in regulation and market conditions with little or no intervention. Thus equipping Foresters to deliver on strategic objectives and mitigating future risk of technical regression whilst also building on our consistently high customer service track record by way of providing an enhanced level of real-time service.”
Philip Naughton, Executive Director Business Development at Exaxe, commented:
“Exaxe is delighted to have been selected by Foresters Friendly Society. We will deliver a digital by default solution, which will deliver the Society’s requirements in a cost-effective manner, realising benefits in a short space of time. Exaxe has a proven record of delivering digital platforms to UK assurers and we are looking forward to another successful engagement with Foresters Friendly Society.”