Protection market update for July 2017
MACRO NEWS AND DRIVERS
Defaqto launches business protection
Defaqto has released a guide for advisers, sponsored by Aegon,
which provides information on business and personal protection for
small business owners.
Royal London urges HMRC to extend executors' IHT bill
Royal London has called on HMRC to grant people more time to
settle inheritance tax (IHT) bills, after finding executors of
larger, more complex estates risk having to pay these out of their
REGULATION AND LEGISLATION
FCA chair Griffith-Jones to step down in March
The founding chairman of the Financial Conduct Authority (FCA)
John Griffith-Jones will step down after the completion of his
first term in the role next March.
FOS upholds third of complaints about
The Financial Ombudsman Service (FOS) has upheld 36% of complaints
about financial advisers in the past year, down from 40% in the
previous year, its annual review has shown.
Regulators promise clarity on definition of insurance
Advice definitions will be made clearer under the Insurance
Distribution Directive following a series of consultations by HM
Treasury and the City regulator.
PRODUCT DEVELOPMENTS AND INNOVATION
Old Mutual Wealth signs up to funeral payment
Old Mutual Wealth will help people meet the escalating cost of
funerals by advancing payment of the sum assured up to £10,000
across several products including its Protect range.
National friendly introduces "Assisted living insurance"
National Friendly has today launched 'Assisted Living Insurance',
specifically aimed at supporting older people to extend independent
living in their own home in later life.
Intelliflo launches 'time-saving' protection
Intelliflo has integrated iPipeline's SolutionBuilder into its
Intelligent Office (iO) system to help advisers "rapidly model and
shape" protection solutions.
Ellipse rebrands with new website
The group risk insurer entered the market in 2009 and introduced a
range of online systems for advisers designed to improve processes
and lower costs. They soon became known for their digital services,
especially in the SME market, but have since broadened their
product offering and recently announced new administration
processes for large employers.
LV= launches pre-underwriting tool to give instant
LV= has announced the launch of its new pre-underwriting tool, in
partnership with UnderwriteMe, in a bid to improve the underwriting
process for advisers.
Holloway friendly joins the right mortgage &
Holloway Friendly's Short Term and Purely Income Protection
policies will be available on The Right Mortgage Network from
New protection insurer to enter the
Entrepreneurial start-up company Gryphon Group Holdings Limited,
has raised £180m in funding to design and build an 'insurance
challenger' that seeks to protect more families in the UK.
LV= incentivises advisers to take out income
Advisers who take out IP with LV= between now and 31st August 2017
will get a discount of around 10% depending on their situation for
the entire length of the policy.
Half of HR experts 'don't know' their employees' health
and wellbeing priorities
Over half (54%) of employee benefits specialists say they 'don't
know' what the top three health and wellbeing priorities are for
their employees despite 81% having a health and wellbeing strategy
in place, according to Simplyhealth.
Half of SME owners leave no instructions about company
shares in will
Over half (51%) of Britain's small business owners have left no
instructions in their Will or made any special arrangements
regarding shares according to Legal & General's 'State of the
Nation's SMEs' report. Fewer than two in every five people (38%)
had considered how a life policy could help.
Women in late 30s would not survive a month without
Inga Beale, chief executive officer of Lloyd's London has said
that despite controlling "70-80% of consumer spending globally",
"over a third of women in their late 30s would not be able to
survive for 'one month if they lost their regular source of
L&C research shows customer attitudes to annual
London & Country Mortgages (L&C) has called for the
protection industry to introduce annual statements as it shares
customer views on whether they would like to receive such contact
from insurers, COVER can exclusively reveal.
Insurance industry must improve whole claims
Insurers and advisers need to work harder to improve the claims
process for policyholders, the life office relationship director
for Lifesearch has claimed.