Weekly Roundup – Protection Guru: Industry Debates, Adviser Surveys and the Future of Protection Compliance
There is never a quiet week at Protection Guru but last week was particularly busy with our Tuesday Forum debating the results from over 100 advisers who responded to our study on their views of what should be included in the FCA’s Pure Protection Review.
Can I also call out the opportunity for advisers to get a one in 10 chance to win a £100 Amazon, Jonh Lewis or Marks & Spencer voucher by completing our Mortgage and Protection Technology survey, this should take you no more than 15 minutes to complete, and as well as giving yourself a great chance to win, you will help us better inform insurers and technology providers what mortgage and protection advisers consider really important, when they build new services to help you. Why not complete the survey this lunchtime? And get a 1 in 10 chance of a £100 voucher from us.
Turning to our content during the week:
On Tuesday we wrapped up our coverage of issues related to childhood cancer with a look at additional insurance products supporting care for children this specifically included observations from our doctors on how products like Zurich’s new accelerate package could be useful in this context.
On Wednesday Amanda Newman Smith explored how should the industry position protection to interest young people?
Thursday saw Matt Chapman with another of his great training articles, this time looking at why we must address misguided fixation with lump sums
The subjects covered, dates and time are as follows
- How to assess value in life and mortgage protection advice including value added benefits – tomorrow 8th October 2pm-3pm
- Why Critical Illness plans should be reviewed annually as part of Consumer Duty, how to achieve this quickly and effectively – 14th October 11am -12pm
- Providing Income Protection advice for Mortgages and Wealth Management advisers – 21st October 9:30am-10:30am
- How to select the best value Critical Illness plans for your clients – 29th October 10am – 11am
It is worth me highlighting that Protection Guru Pro, which will be demonstrated as part of these sessions, is currently the only research tool for protection advisers that can provide an assessment of quality and price, i.e. value for level term, mortgage protection, income protection, critical illness, family income benefit and business protection. The FCA have recently highlighted that any firms still using price as their only value measure are falling short of their Consumer Duty obligations. If you are not using Protection Guru Pro, how are you meeting the FCA’s new requirements?
This may be a key issue for all compliance officers to ponder.
Other protection stories that caught my eye this week were:
FT Adviser Women not checking for breast cancer despite being the leading cause of claims such an important subject as we move into Breast Cancer Awareness Month, look out for some detailed analysis from our doctors on this subject in October.
FT Adviser Advisers should give clients confidence to disclose medical conditions I agree wholeheartedly with the sentiments expressed in the article and would suggest Protection Guru is the ideal place for advisers to learn the background knowledge they themselves need to be confident in addressing such issues.
FT Adviser Let customers see the need of business protection
FT Adviser Clients more conscious about protection than ever before
IFA Magazine Gregor Sked asks whether protection is really the missing asset class
Money Marketing Emma Thomson: Women key to improving UK’s financial resilience
Money Marketing It’s almost as if we want to put people off where Kevin Carr takes an amusing look at some serious questions and makes a compelling case for a more practical and pragmatic approach to underwriting. This is well worth a read and some serious consideration by anyone in underwriting or product design at an insurer or reinsurer.
