Corporate Responsibility

Partnership’s CR policy is rooted firmly in our principle value of Fairness which underpins our business and the way in which we conduct ourselves with our customers, business partners, staff, stakeholders and the environment.

Our customers

As the first company in the UK to offer higher retirement incomes for individuals with complex health issues, we have led the way in providing products designed specifically for individuals whose health or lifestyle is likely to result in reduced life expectancy.

By looking at each of our customers individually and assessing their likely longevity we are able to deliver a product where the costs and benefits are based on their own unique set of circumstances.

As the only life company in the UK to have individually underwritten every client since our inception, we believe that our years of accumulated data and knowledge gives us a unique understanding of the impact of health and lifestyle choices on longevity. This, in turn, enables us to offer the most accurate assessment of a client’s life expectancy and therefore offer the fairest price to them.   

But we take our commitment to our customers much further than providing the best product that we possibly can.

Our customers are the best advocates – and critics - of our business and we engage with them on a regular basis to seek their thoughts and ideas as to how we can improve, both through traditional survey methods by also via our Policyholder Liaison Representative.

We believe that we are unique in having a Policyholder Liaison Representative (PLR) who meets with the Directors and senior managers on a regular basis and is able to discuss any matter with them which may be of concern to our policyholders. Our customers are encouraged to contact their PLR by email or letter with any queries or concerns that they may have.

Additionally, we hold an annual Policyholder meeting to which we invite all our policyholders, together with carers or family where appropriate. This provides an opportunity for them to hear more about our business and plans for the future and to meet and ask questions of the Board members.

Our Business Partners

Our products are sold through Financial Advisers, small and large, and major corporate partners such as Standard Life and Lloyds TSB. Irrespective of size though, we aim to offer each one excellent service and to act in the spirit of true partnership.
Over the last twelve months we have invested significantly in our customer service and intermediary servicing divisions to provide faster and more efficient processes and significantly enhanced levels of customer service. We have also made a number of our products available on industry comparison websites to enable our business partners to obtain the information they require when they need it, rather than having to phone or write. This improvement in efficiency has resulted in reduced costs for both ourselves and our partners which ultimately benefits our clients.

We also recognise the importance of cashflow, particularly in today’s economic environment, and aim to settle all invoices within the designated period.

Our staff

We recognise that to provide the high levels of technical expertise and service excellence that we look for, we need to recruit and retain the highest possible calibre of staff.

We do this in a number of ways:

• An extensive and thorough recruitment process
• The adoption of a core set of values in FIRST – Fairness, Integrity, Respect, Service and Trust
• A remuneration and reward structure designed to encourage decision making for the long term good of the business. In addition to industry benchmarked salaries, all permanent members of staff (as at 2nd January 2009) have an equity participation in the business which we believe is the best way to reward ongoing commitment, discourage short term-ism and build long term success
• Investing extensively in our staff and to actively encouraging them to enhance their knowledge and skills by supporting them through programmes of personal and professional development.
• Building a positive working environment in which everyone is encouraged to contribute

Our stakeholders

Using input from our customers, business partners and staff we actively engage with a wide variety of organisations to improve the financial position for people in a similar position. We work with Government bodies, local authorities, charities and other organisations to raise awareness of the issues.

We are particularly active in the long term care arena where we feel the current funding system is unfair and are campaigning to improve the quality of information and advice that individuals receive at the point of care. To this end we support “First Stop Shop” – a one stop shop designed to provide information on all aspects of care including state benefit entitlements, care home availability and advice on funding care and supported by four of the major charities for the elderly, including Help The Aged, and the The Elderly Accommodation Council. In addition we are a major backer of SOLLA – The Society of Later Life Advisers. This new Society seeks to raise awareness amongst consumers, families and advisers about financial issues in later life and promotes the Later Life Advisers Scheme which has been developed by the Financial Services Skills Council. SOLLA aims to bring together those needing advice with LLA accredited advisers who have had to demonstrate not only technical knowledge and competence which is externally and independently audited, but also demonstrate excellent softer skills relating to the understanding of needs, capacities and issues of dealing with older clients.

We believe that these developments are crucially important as society ages and the State withdraws from the provision of care from all bar the most needy and are very proud to be associated with such laudable and significant  initiatives.

The Environment

We recognise that we all have a role to play in looking after the environment for future generations, and have adopted a number of environmental policies across our sites including:

• Recycling - we aim to recycle the majority of our paper and other items including ink cartridges and old IT equipment where appropriate.
• Energy saving: we save electricity by having movement sensor operated lighting systems. We also use filtered tap water rather than plastic bottles and discourage the use of plastic cups.
• Reducing our carbon footprint: we do not use company cars and all our staff travel by public transport whenever possible.

In summary, our ambition is to grow our business in a way which benefits our customers, staff and stakeholders alike whilst being aware of, and sensitive to, our wider responsibilities.