Protection market news update for November 2016
Macro news and drivers
Cover Excellence Awards 2016 - The COVER Excellence
Awards 2016 took place recently to recognise exceptional protection
and health insurance products, providers and intermediaries. The
winners can be found on the link below.
Government to merge financial guidance bodies into
one - The
government is to create a single guidance body for pensions, money
and debt matters, which will replace The Pensions Advisory Service
(TPAS), including Pension Wise, and the Money Advice Service (MAS),
it has said.
Insurance clients could save hundreds through
technology - According to a report
by Capgemini's Digital Transformation Institute, consumers could
save significant amounts of money in fees for banking, house
purchases and insurance if their providers were quick to adopt
Regulation and legislation
The latest on big data - Eoin Lyons discusses
the FCA's feedback statement on Big Data and the issues to consider
when risk profiling customers. They have decided not to launch a
market study at the present time but will continue to engage with
MIFID II call recording rules may affect all financial
- Call recording requirements under the Markets in Financial
Instruments Directive II will become mandatory for all areas of
financial advice, LifeQuote has claimed.
Product developments and innovation
Royal London to launch protection product for
- Speaking at the conference held in London last week, Debbie
Kennedy, head of protection at Royal London said the life insurance
policy will ask targeted underwriting questions for people with
diabetes. A spokesperson for Royal London told COVER that the
product is likely to be launched during Q1 2017.
MetLife boosts group life policy bereavement
MetLife has enhanced its group life policy to include increased
support for bereavement and probate. The group life policy now
includes up to six face-to-face counselling sessions and a 24-hour
support line for people receiving a terminal illness
Royal London updates CI cover - The main change is to
cancer cover; over 60 early stage cancers are now covered under
nine definitions, which is effective from today (3rd October).
Royal London said that the changes provide clarity for advisers and
customers by removing a long list of specified cancers.
Aegon picks DWP IT contractor to boost protection
- Digital services provider Atos has won a 13-year contract to
provide customer contact and support services for Aegon's
protection business, taking over from Serco.
HIV+ sum assured averages £134,733 - Unusual Risks, the
medical financial advisers, has published the results of their
annual research into the average amount of life assurance that HIV
positive individuals are insuring themselves for. The average
amount of life insurance that HIV+ individuals are insuring
themselves for is £134,733.
Annual UK cancer cases to reach half a million in less than
20 YEARS - Five hundred thousand
people will be diagnosed with cancer each year in the UK by 2035 if
trends continue, according to a Cancer Research UK study published
in the British Journal of Cancer. http://www.bbc.co.uk/news/health-26014693
4.3 million self-employed people left exposed by
'protection gap' - More than 4 million
self-employed people do not have a back-up plan for if they were
unable to work, despite their families being disproportionately
reliant on their income.
Insurers flag mental health link to financial
difficulty - Advisers can help
tackle the financial difficulties brought on as a result of mental
illness by providing support and advice on suitable protection
products, insurers have claimed. 52 per cent of those with mental
health problems have experienced severe adverse effects on their
financial situation at the same time.
Advisers overlooked in care planning,
- Advisers are low down the list when it comes to finding
information for the planning of people's care funding, according to
a study by provider Partnership.
Communicating the realities of claims payout
Protection sales still face uphill battle due to public
misconception of payout rates, Drewberry Insurance's Tom Conner
writes about his firm's recent consumer campaign.