Happy New Year everyone, like everyone I hope 2021 is going to be a much better year for us all. Before I summarise all we explored this week on Protection Guru, I’d like to highlight a couple of studies which you may have missed from the end of last year.
First, the Protection Guru Rolls of Honour for 2020 published on the Monday before Christmas, not only provides detailed analysis of which insurers were the real protection heroes we highlighted on our site last year, but also a comprehensive summary of over 200 studies we wrote, listed by subject matter, to make it easier for advisers to find detailed analysis on any subject. You may want to add this summary to the favourites on your browser so that you can access all our 2020 work easily whenever needed.
In addition, on 30th December, Adam Higgs produced The Verdict – how did the industry perform in 2020. At the beginning of the year, we had asked many leading protection advisers their views on what they wanted the industry to achieve during the last 12 months, Adam’s summary revisits the original priorities and asks how well the industry delivered on them during the year.
Moving to 2021, the winner of the race to be the first provider to announce significant changes in 2021 was LV= who increased their non-medical limits for Flexible Protection Plan although there were some reductions in the limits for Personal Sick Pay plans.
This week the Protection Guru team also produced a series of studies on what to look out for this year. Adam began on Monday by asking what do advisers wish for in 2021. On Tuesday he summarised the views of some of the most influential underwriting figures in our industry to look at what’s the outlook for underwriting in 2021.
Wednesday saw Steve Berry produce a summary of what to expect from claims in 2021 with leading authorities in the claims area outlining how they see the year ahead. On Thursday, Adam looked at What will be the key trends in product development in 2021.
Wrapping up the week in the usual way on Friday we produced our latest Everything-you-need-to-know this time on Supporting Claims Processes.
The agenda for the session is :
What technology developments would you like to see this year?
- Are quote portal processes a good experience?
- Are provider application processes a comfortable journey?
- What would help you maintain better client records or spot ‘golden moments’ for client recontact for protection sales? (e.g. end of mortgage deal, house move, birth of children)
- How could technology help during the claims process?
How can insurers better support advisers this year?
- How can BDMs better support advisers?
- Has Covid taught us new working methods that we should keep?
- Are insurers communicating with advisers enough?
Over on our sister Benefits Guru site on Tuesday Jason Green explored the different payroll frequencies that workplace pension providers are able to support to help Advisers and which pension providers provide offer different types of support. On Thursday, as the average Britain changes employer every five years Kat Mitchell examined what happens when a member leaves the company pension scheme.
One last piece I’d like to draw attention to this week is Ima Jackson Obot’s profile of Adam Higgs at the end of last year in FTAdviser which provides some great background ho how and why we have built the Protection Guru service and how we will be developing the service further.
2021 is going to be a really exciting year for Protection Guru with many new services currently in development to further support advisers in giving protection advice. If there is anything more we can do to help you please feel free to drop a line to any of the team.
Have a great weekend everybody.