Protection market update for
Macro news and drivers
DWP fails to give clarity to claimants
Department for Work and Pensions documents are so complicated it
is "horrendous" trying to understand them, even for professionals,
the marketing director of Canada Life Group Insurance has
Major insurers neglecting mobile users
A study of 18 major insurers and aggregators by financial
experience design agency Dock9 revealed more than a quarter (28 per
cent) are failing to design websites for mobiles and tablets.
Government must campaign for group income
Government should create a campaign to boost group income
protection, if the burden on the state is to be reduced, an
industry body has claimed.
Insurance CFOS concerned with technology
Results from a new survey have revealed that insurance CFOs are
mainly concerned about legacy systems and staff skills when it
comes to capitalizing on the tech revolution.
Regulation and legislation
Government to change financial advice definition for
The government is to change the definition of financial advice for
regulated firms - replacing, with effect from 3 January 2018, the
two existing interpretations with a single one based on the Markets
in Financial Instruments Directive (MiFID) definition of a personal
ABI warns insurance tax hike will hit
The Federation of Master Builders (FMB) and the Association of
British Insurers (ABI) have issued a joint statement claiming that
any further hike in the insurance premium tax rate will result in
higher prices for construction companies and other small or medium
sized enterprises (SMEs).
Product developments and innovation
Openwork protection reports lead to increased
Openwork has introduced personalised risk reports to help advisers
emphasise the importance of protection to clients taking out a
mortgage. The new system combines customer specific mortgage and
protection costs with a risk assessment based on individual
applicants' circumstances over the course of the mortgage.
Scottish Widows updates critical illness
The insurer has changed its definition regarding additional
payment for cancer in situ requiring surgery. It has also combined
Alzheimer's disease and Dementia into one definition, as both are
assessed in exactly the same way at claim stage.
Ellipse covers cohabiting partners in revamped group
Ellipse is now covering cohabitant partners of employees opting
for spouse cover as part of a raft of changes on the insurer's
group critical illness (group CI) product.
Zurich pledges job cuts won't hurt
Zurich's plans to axe 240 jobs in a restructuring of its business
in January, bringing together its life and general insurance
businesses under a single leadership team, should have no impact on
financial advisers, according to Peter Hamilton, head of retail
Protection portal launched for armed forces
A bespoke online protection service has been launched to enable
armed forces personnel and their families to overcome the
challenges they can face in finding protection..
Scottish widows highlights cancer awareness
With three national cancer awareness campaigns taking
place in March - Prostate Cancer, Ovarian Cancer and Brain Tumour -
research by Scottish Widows has highlighted how millions of Britons
are under-protected should serious illness strike.
Don't duck the client conversation on
Discussions around the subject of income protection can be tough
to initiate with clients but, says Steve Bryan, those discussions
need to be had all the same.