Major Accomplishments
The single most notable characteristic of the Society has been our ability to manage change, whether proactively or reactively. Throughout our existence we have witnessed quantum changes within the railways industry, the growth of financial services and the introduction of technology. Of the changes arising during our 140 plus years history it is probable that 90% have been encountered within the last decade.
From their inception, the railway companies were developed and operated with funding provided by the private sector and were largely unregulated. For many years the market was controlled by the previously mentioned “big four” although many smaller local operators were established. This changed in 1948 when the industry was nationalised and brought within government control as British Railways. This was one of the first major changes we encountered and our ability to adapt was tested. Aside from the initial impact of managing this change, nationalisation provided a major opportunity for growth for the Society and between 1945 and 1955 the number of policies in force increased from 14,000 to 23,500.
The geographical spread of operations was expanded to a national basis and premium collection from members was handled centrally by British Rail. Many of our operational systems were tailored around the workings of British Rail and a close working relationship was developed with them. This has now turned full circle with the railway companies being returned to the private sector. Again, we have had to adapt and face the challenges of dealing separately with each of these autonomous operations.
The introduction and development of technology provided further opportunities for us to bring efficiencies to our operations. Our first computer system was installed in 1993 and has been progressively enhanced over recent years. Information systems were based originally on the data available from the British Rail payroll systems and as a result of privatisation of the railways we had to redesign our policy management system and undertake major software changes.
Statutory and regulatory changes have also been far-reaching over the past few years and with each change we have been required to adapt. The regulators themselves have undergone significant changes, none more so than the amalgamation of all financial services regulation under the umbrella of the Financial Services Authority.
Whilst adapting to, and absorbing the costs associated with each of these changes, we have always succeeded in maintaining continuity in serving our membership. More notably, we have also achieved steady increases in business levels throughout the periods of most significant change.
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