Annual statements, Barriers to protection and the self-employed
As we enter July, we are thrilled to share that we have some exciting developments unfolding in the coming weeks, which we eagerly anticipate revealing to the industry. One significant change on the horizon is the expansion of the Protection Guru team.
With Consumer Duty fast approaching, there has been a substantial increase in the demand for the adoption of PGPro. Furthermore, the feedback we receive regarding the value our Protection Guru content brings to Advisers, Insurer sales and proposition teams, industry advocates, and technology partners continues to be positive and heavily in demand. Therefore, we require additional resources to uphold the level of value we provide. So, who will be the fortunate individual joining Adam and me? The news will be unveiled in just a few weeks!
Our Protection Forum, focusing on the topic of Annual Statements, will be held tomorrow at 12pm. We will explore the industry’s progress and the work that still needs to be done in this area. We have been hearing more about annual statements, including cases where clients have made claims after receiving them. Advisers and Insurers will share their insights on:
- How advisers approach annual reviews
- The role of annual statements under the consumer duty
- How insurers are demonstrating ongoing value to consumers
It’s not too late to register for the Forum. Simply click here to register for the Annual Statements – July Protection Forum on Protection Guru.
We are also delighted to share the outputs from the AMI in-person protection workshop that was held in April. The workshop was part of AMI’s commitment in the 2022 AMI Viewpoint five-point plan to develop thoughts on how the industry can tackles barriers highlighted by the Viewpoint market research. Workshop participants involved mortgage intermediary firms, L&G, Royal London, PDG and Income Protection Task Force (IPTF). The document can be found here.
Finally, last week the IPTF ran a campaign to increase the awareness of the need for Income Protection for the self-employed. The Self-Employed are woefully underinsured when it comes to protecting their income and given their reliance on their own ability to earn this is a huge gap in the market. At Protection Guru we are absolutely aligned to the thinking of the IPTF in this area, however we understand that due to the often unstable income that comes with being self employed, it is not always easy to find suitable cover. To help advisers, we spent last week focusing on features that can specifically help this demographic that advisers could discuss with clients in order to be more confident in the cover provided.
