How did we do in 2024?
The first half of our recent Protection Forum reviewed 2024, celebrating successes while identifying areas for improvement. Collaboration was a key theme, with advisers and insurers working together to prioritise customer needs and embrace a Consumer Duty mindset.
Discussions highlighted the growing importance of added-value benefits like 24/7 GP access and physiotherapy, which provide real-world support for clients. Panellists called for better education around these services, particularly their cost-saving potential.
The value of claims transparency was also explored, with attendees praising progress but urging greater consistency. Sharing relatable data, such as common professions or youngest claimants, was seen as a way to challenge misconceptions and engage clients.
Calls for a modernised approach to underwriting included reviewing BMI metrics and offering rated premiums for conditions like breast cancer, ensuring fairer access to cover. Panellists also stressed the need to simplify processes for existing customers, allowing policies to adapt as their needs evolve.
“This year, it felt like we were all pulling in the same direction to help clients, which was great to see.”
“Consumer Duty has led to more discussions about what’s right for the customer, putting their needs front and centre.”
“We’ve seen insurers release more customer-centric resources, like claims reports and tools to demonstrate the value of insurance to clients.”
“What really stands out in claims reports are the surprising details — like the youngest claimant or the most common professions. These kinds of facts grab attention and challenge perceptions.”
“It was encouraging to see innovation from insurers this year, with many asking, ‘What can we do better?’ instead of settling for ‘good enough.’”
“There’s been a lot of focus on value-added services, with insurers reviewing and improving offerings to benefit clients. It’s clear no one is resting on their laurels.”
“Mental health conditions should not lead to declined life cover… Exclusions for suicide in the first 12 months already exist in policies.”
“Clients who go through the bravery of disclosing mental health issues often face rejection, which worsens the perception of insurance.”
“Providers should better educate advisers about the cost savings and real-life value of added benefits like 24/7 GP access and physiotherapy.”
“I’d like to see the industry push forward with mental health-friendly life insurance policies, offering ratings or exclusions where necessary.”
“It’s fantastic to see innovations like standalone child cover and fracture cover gaining traction, but let’s not leave life insurance behind in progress.”
“As an industry, I think we’ve risen to the challenge of understanding and implementing consumer duty quite well, perhaps better than expected.”
“The customer is no longer owned by one party before being passed to the next. We collectively share responsibility for their care from end to end.”
“Talking about the protection gap endlessly isn’t going to address it. We need to stop doing the same thing over and over while expecting different results.”
“This year, we’ve seen products launched and enhanced that recognise there’s more to protection than death. Everyday risks are just as valid.”
