Since the 18th century and before the days of welfare reform, Friendly Societies were set up as self-help organisations by, and for, the benefit of their members. These mutual organisations provided their members with financial support and security in times of hardship.
Dentists’ Provident was founded in 1908 by a group of eight dentists, led by Mr G. F. Cale Matthews, for the simple purpose of providing mutual insurance against sickness and accidents to its members.
Dentists’ Provident was founded as a special type of Friendly Society – a Holloway Friendly Society, based on the concepts set out by the Stroud MP George Holloway, who in 1875 wrote a prize winning essay on the best way in which working men could provide not only for times of sickness, but also for their pension in old age.
This model was then used as a basis for other Holloway Friendly Societies, demonstrating that this unique proposition was not only an important moment in history, but had a pivotal part to play in the development of the UK insurance industry, by providing sickness and savings benefits to specific groups.
Even today, nine Societies continue to provide their members with benefits using this principle, which still hasn’t been improved, only evolved in line with current changing regulatory and members’ needs. Holloway Societies are a small and unique group within the 53 companies who are part of the Association of Financial Mutuals (the trade body that represents mutual insurers, friendly societies and other financial mutuals across the UK) whose members provide savings, protection and healthcare products.
As can be seen from a few key dates in Dentists’ Provident's history, as awareness of the provision increased, so did the membership. In 1910 the first sickness benefit claim was paid, and by the end of that year nine members had been paid sickness benefits, totalling £188 (5s. 11d.). In 1912 The Representative Board of the BDA established a committee to arrange insurance for the members of the Association and this responsibility was delegated to Dentists’ Provident. In 1929, Dentists' Provident's membership reached 1,000, and increasing sharply in 1955, when membership was opened to non BDA members, building up to its current membership of the 13,500.
In 2008, Dentists’ Provident reached its 100th year, and celebrated the fact that the principles on which it was founded were still maintained within its culture and approach, to ultimately support its members.
Launch of the dental students' plan
Dentists’ Provident celebrates its 100th year
Total assets reach a hundred million pounds
We incorporate to Dentists’ Provident Society Ltd
Introduce discounted membership for VDPs
Introduce commuted membership
We make our first investment on the stock exchange
We open to non-BDA members
Our assets reach a million pounds
Membership reaches 1,000 dentists
Offer mortgage advances to members
Membership reaches 500 dentists
Arrange general insurance for BDA members
First sickness benefit paid
Dentists’ Provident founded on the 3rd February
If you have any questions please contact our company secretary Simon Elliott on 020 7400 5700.