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Protection market review November 2016

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 blockchain technology.


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 the industry.

MIFID II call recording rules may affect all financial advisers  - 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 diabetics  - 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 support  - 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 diagnosis.

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 business  - 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.


Consumer trends

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.

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, research  - 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. 


Experts corner

Communicating the realities of claims payout rates  - 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.



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