Financial mutuals in the UK generate savings of GBP 1 billion a year for the National Health Service (NHS), welfare state and for employers, according to new research by OAC Limited published in the report Mutuality: supporting health and wellbeing in the UK.

ICMIF members which appear in the report are: Benenden Health, LV=, NFU Mutual, Royal London and Simplyhealth.

In light of increasing concern surrounding the pressure on public health services in the UK, OAC has published an update to its 2017 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 has highlighted the importance of the sector and these products in ensuring individuals remain healthy and productive. Almost GBP 1bn a year of savings are identified from the work of mutual health and protection providers.

OAC has been supporting the mutual sector for over 20 years with actuarial and risk management expertise. The experience, knowledge and qualities of OAC consultants are reflected in the number of firms they support. OAC says it is proud to be recognised as a leading and trusted advisor on the issues and challenges that are faced by the sector – relationships that OAC is proud to continue under new ownership and as a member of the Broadstone Group.

The report is accessible via this link.