THOSE with connections to the military often find themselves let down by the financial services industry.
To meet the needs of this community, a new mutual will be launched to match the often complicated needs of military personnel and their family members.
The Military Mutual is being led by ex-military personnel from all three services in conjunction with experts in mutuality.
Chairman Major General (ret’d) Sir Sebastian Roberts said: ‘For too long, members of the military family have been a square peg in a round hole when it comes to financial services.
‘Their needs are different to the average consumer and the financial services community has never really woken up to this.’
With the help of focus groups, founders realised that personnel were finding it difficult to maintain their no claims bonus on car insurance when they have been serving abroad and to get contents insurance for the belongings when they are station away from their base.
Sir Sebastian said: ‘In the past when soldiers were serving in Afghanistan or Iraq they would need to ring up and change details but as there was no phone lines.
‘Their family would then need to ring up but unfortunately insurance companies would not speak to spouses so we want to provide this option.’
As a mutual, the organisation is owned by its members and is free of outside shareholder interests.
Products range from car, kit and house insurances and surpluses can be used to benefit the members and the military family.
‘It gives us the option to tailor services or offer different services if they are requested by our members,’ added Sir Sebastian.
The call centre for The Military Mutual is based at the Portsmouth City Council offices in Guildhall Square.
Sir Sebastian said: ‘This is mostly manned by those that have some connection to the military so they understand the issues of our members.’