Consumer Duty three months on, world mental health day and did you spot yourself?
On Tuesday, October 10, 2023, the world observed ‘World Mental Health Day,’ a day marked by thought-provoking posts across various industries on social media platforms. One noteworthy contribution came from Norwich City Football Club, which shared an impactful video titled “Check in on those around you #WorldMentalHealthDay 💛💚 #youarenotalone”.
The video’s simple yet powerful message encourages people to support and be there for one another, reminding them to guide individuals towards available mental health resources. It left a profound impression on me.
In the United Kingdom, mental health issues continue to be a leading cause of workplace absenteeism and consequently a common trigger for claims on income protection policies. Furthermore, mental health struggles can exacerbate other health conditions. A diagnosis of a critical illness may also lead to related mental health challenges. Thus, the mental well-being of clients holds significant importance in the context of protection insurance. You can explore more about this topic in the article “How can protection plans help clients manage their mental wellbeing?” on Protection Guru, which also delves into the support services provided by insurers to assist clients with their mental health.
Our Protection Forum, held on Wednesday, centered on the theme “Lessons learned from Consumer Duty implementation.” During this engaging session, we examined what we’ve learned, what has been put into practice, what has shown success, and what hasn’t worked. We also discussed whether insurers have noticed any changes in behaviour.
The session featured valuable contributions from industry experts, including Emma Thomson from SBG, Setul from OPW, and Lee Thompson from Protection Matters, representing the world of advisers, as well as Jack Southcott from The Exeter, Tim Butler from Zurich, and David Cunningham from Scottish Widows, representing insurers.
A huge thank you to all our speakers.. One resounding message from the advisers was the need for Business Development Managers (BDM) support, emphasizing the significance of not just online assistance but face-to-face meetings for product education and training. The conversation touched upon topics such as annual statements and consumer documentation, which we plan to explore in more depth in our November forum. We are always on the lookout for volunteers to share their perspectives.
The overarching message is that there is clear progress in the right direction. It’s still early days, and we will revisit this subject in a few months as it becomes further integrated. From the perspective of the Financial Conduct Authority (FCA), they express optimism based on their initial findings.
Stacey Penn from AMI announced the upcoming AMI Viewpoint report on the protection market. You can join the discussion on Wednesday, November 8, by visiting this link: AMI Viewpoint Report. The report will feature AMI, Royal London, and Legal & General, offering a comprehensive analysis of both Mortgage adviser and consumer thoughts and serving as a must-watch webinar.
You can also view the gallery of the Protection Guru Awards 2023 and see if you spot yourself here: 2023 Protection Guru Awards Gallery. Furthermore, we are already in the planning stages for the Protection Guru Awards 2024. If you are interested in sponsoring a table for this event, please feel free to reach out to either myself, Sam, or Jo.