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Protection market review - March 2016

Protection market news update for March 2016

Macro news and drivers

ABI: further IPT increase would be 'double blow' for UK businesses 
Another increase in Insurance Premium Tax (IPT) will be a double blow for business at a time when the UK economy faces a 'cocktail of threats' the ABI warned today.
http://www.covermagazine.co.uk/cover/news/2449056/abi-further-ipt-increase-would-be-double-blow-for-uk-businesses

AXA PPP Health Tech Awards reveals 2016 shortlist
The shortlist for the second AXA PPP Health Tech & You Awards has been revealed today to find the most innovative developments in health technology.
http://www.healthtechandyou.com/     

Regulation and legislation 

FCA refers six firms to enforcement in closed-book life insurance investigation
The Financial Conduct Authority (FCA) has referred six firms to its enforcement division for investigation after it found problems with the way they treated their closed-book life insurance clients.
http://www.professionaladviser.com/professional-adviser/news/2449390/fca-refers-six-firms-to-enforcement-over-exit-charges    
 
Regulator to publish protection claims statistics
Advisers are split in their support for a Financial Conduct Authority initiative to help consumers compare protection providers and products, with some questioning the motives of the move.
http://www.ftadviser.com/2016/03/04/insurance/health-and-protection/regulator-to-publish-protection-claims-statistics-JsWl1f4XGTfJqgORf9G5FP/article.html     

Product developments and innovation 

Aviva launches group life master trust
Aviva has launched a group life master trust aimed at offering protection solutions to SMEs (Small and Medium-sized Enterprises). The master trust will allow Aviva to write multiple group life business under a single trust.
http://www.aviva.com/media/news/item/uk-aviva-launches-group-life-master-trust-17595/   
 
Scottish Widows transfers life business to London
Scottish Widows has transferred the registration of its life insurance business to London from Edinburgh.
http://www.covermagazine.co.uk/cover/news/2447952/scottish-widows-transfers-life-business-to-london  
   
Aviva launches cancer care top-up plan
Aviva has launched a top-up health insurance product focused on supporting people with cancer. The products are designed to complement treatment customers receive through NHS health services.
http://www.aviva.com/media/news/item/uk-aviva-launches-innovative-top-up-health-insurance-to-help-make-cancer-cover-affordable-for-all-17596/    
 
Vitalitylife introduces WOL to bridge 'term assurance gap'
VitalityLife has launched two whole of life (WOL) plans with upfront premium discounts of up to 67% and made changes to term cover as the insurer described WOL as an "undervalued product.".
https://www.vitality.co.uk/mediaonline/PDF/Presales/About/Press%20Centre/160224_VitalityLife%20release%20-%20Feb%20launch%202016.pdf  
 
Several VitalityLife upgrades
VitalityLife has enhanced its Serious Illness Cover, Business Protection and adviser services as part of a wider product revamp. The Serious Illness Cover policy now features Family Benefit which will cover complications in pregnancy, congenital conditions such as Cerebral Palsy and a Child Funeral Benefit.
http://www.covermagazine.co.uk/cover/news/2448349/vitalitylife-upgrades-serious-illness-cover-business-protection-adviser-services    
 
LifeQuote launches 'upload alternative quote'
LifeQuote is now enabling advisers to submit an application based on any quote from either an insurer's site directly or another quote portal.
https://www.linkedin.com/pulse/lifequote-launches-upload-alternative-quote-lifequote-uk?published=u

L&G introduces business protection trusts hub for advisers
Legal & General has launched a business protection trusts hub to help advisers set up their business clients' protection policy in trust.
http://www.legalandgeneral.com/advisercentre/protection/technical-information/business-protection-trusts-hub/

British Friendly launches death benefit for IP
British Friendly is the first provider to include a death benefit for both its new and existing income protection (IP) policies, which is paid following the death of an insured policyholder.
https://advisers.britishfriendly.com/news/death-benefit

Consumer trends

Income Protection: do your clients know how much it costs to raise a child?
Parents run up costs of more than £231,843 raising a child from birth to age 21, making it more expensive than the average semi-detached house.
http://www.professionaladviser.com/professional-adviser/opinion/2448291/income-protection-do-your-clients-know-how-much-it-costs-to-raise-a-child

Experts corner

The value of real claims stories
One of the prevailing attitudes in the protection world towards the consumer media is that they are always looking for a way to bash insurers. Something that has become clear - and proven by the Seven Families campaign - is that case studies provide an excellent way for advisers and providers to communicate the message that the policies we sell and the advice given really is incredibly valuable.
http://www.covermagazine.co.uk/cover/opinion/2449663/the-value-of-real-claims-stories

 

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