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Protection market review - May 2018

News

Protection market update for May 2018.

MACRO NEWS AND DRIVERS

What advisers rate about protection provider's service - Advisers have ranked underwriting services and new business processing as the most important factors they consider when looking for protection providers.

https://www.ftadviser.com/investments/2018/05/02/what-advisers-rate-about-protection-provider-s-service/

Industry body challenges group life misconception - The industry body for the group risk protection sector is challenging the misconception group life assurance (GLA) does not cover suicide. 

https://www.ftadviser.com/protection/2018/05/14/industry-body-challenges-group-life-misconception/

 

REGULATION AND LEGISLATION

Vicki Livingstone: Protection, privacy and penalties - Surely paper-based GP reporting can't work post GDPR? Munich Re's Vicki Livingstone looks at how next month's regulation change can fuel new technologies and how insurers can improve interactions with GPs.

https://www.covermagazine.co.uk/cover/opinion/3031471/vicki-livingstone-protection-privacy-and-penalties

How are brokers feeling ahead of GDPR? - Ahead of the arrival of the General Data Protection Regulation (GDPR) this month, brokers across the UK have identified data breaches as the single largest threat to insurers and their clients.

https://www.insurancebusinessmag.com/uk/news/breaking-news/how-are-brokers-feeling-ahead-of-gdpr-100484.aspx

It's all getting too complicated, says industry - The insurance industry is going to become more complex and costlier to operate in as a result of the new International Financial Reporting Standard (IFRS 17), according to a whopping 97% of senior UK insurance professionals.

https://www.insurancebusinessmag.com/uk/news/breaking-news/its-all-getting-too-complicated-says-industry-100483.aspx

 

PRODUCT DEVELOPMENTS AND INNOVATION

AIG and British Seniors partners in protection deal - AIG Life and owners of the British Seniors Insurance Agency brand, Neilson Financial Services have struck a three-year partnership to provide life protection products in the UK over-50s market.

https://www.ftadviser.com/protection/2018/05/01/aig-and-british-seniors-partners-in-protection-deal/

Bupa drives diversity with LGBT and ethnic minority staff training - Most diverse workplaces 45% more likely to financially outperform industry average than least diverse workplaces. Bupa has announced corporate membership of EMpower and OUTstanding in order to help drive diversity inside its own ranks.

https://www.covermagazine.co.uk/cover/news/3032134/bupa-diversity-push-with-staff-lgbt-and-ethnic-minority-training

Holloway Friendly offers income protection discounts - Holloway Friendly has launched premium discounts for its short-term income protection and its purely income protection plans.

https://www.ftadviser.com/protection/2018/05/08/holloway-friendly-offers-income-protection-discounts/

 

CONSUMER TRENDS

Multi-benefit protection 'underused' despite 40% rise in sales – IRESS - IRESS, via The Exchange, recorded 20,046 new multi-benefit protection sales in the first three months of 2018 - a 40% rise on the 14,312 recorded over the same period the previous year.

https://www.professionaladviser.com/professional-adviser/news/3031676/multi-benefit-protection-underused-despite-40-rise-in-sales-iress

Presenteeism at work has trebled since 2010 - Workplace presenteeism has risen from 26% in 2010 to 86% in 2018, while ‘leaveism' - people working while on annual leave - has also become a problem for 69% of organisations over the past 12 months, the latest Health and Wellbeing at Work report from CIPD and Simplyhealth has found.

https://www.covermagazine.co.uk/cover/news/3031706/presenteeism-at-work-has-trebled-since-2010

Brits urged to reduce financial stress for loved ones after death - Royal London is urging British adults to put plans in place to reduce the financial stress experienced by their loved ones when they die.

https://www.healthinsurancedaily.com/health-insurance/product-area/life-critical-illness/article485457.ece

Insurers failing to meet protection advisers’ service expectations - Protection insurers are failing to meet advisers’ standards for some of the most important service elements, research shows.

https://www.healthinsurancedaily.com/health-insurance/product-area/life-critical-illness/article485425.ece

 

EXPERTS CORNER

Does promoting children’s critical illness cover need the kid-glove treatment? - Nobody wants to think about themselves or their family becoming critically ill, least of all their children. However, sadly, there is sometimes no escaping it, which is why children’s cover has been a part of adult critical illness policies for more than 20 years.

https://www.moneymarketing.co.uk/issues/10-may-2018/promoting-childrens-critical-illness-cover-need-kid-glove-treatment/

The great income protection v mental health impasse - As Mental Health Awareness Week starts, Suzanne Clarkson explores what the individual income protection (IP) market can learn from their group counterparts when it comes to supporting people with mental health issues.

https://www.professionaladviser.com/professional-adviser/feature/3032273/the-great-ip-vs-mental-health-impasse