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Protection market review - March 2016

Publication date:

08 March 2016

Last updated:

22 September 2017

Author(s):

Technical Connection

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

 

Tagged as

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.

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