Everything we covered this week on Protection Guru
This week Protection Guru returned to doing what we do best, helping advisers (and in some cases providers) better understand key product features, how they work and how insurers differ. But before we go into the detail, the news broke that Justin Harper will be leaving LV= after 16 years. Having worked closely with Justin for a good few years, I know this will be a big loss for LV= and we all at Protection Guru wish him all the best for the future and eagerly await his next move where we are sure he will just as big an impact.
The week started with Rob Harvey interrogating exactly what immediate cover is. We often hear advisers referring to immediate cover (such as Royal London’s UnderwriteLater) as “just free cover”. This couldn’t be further from the truth and as Rob explains, immediate cover should be a no-brainer especially when putting business protection in place.
Tuesday started with us releasing the transcript from the first session of our March Protection Forum. In this session we asked advisers whether the volume of choice available in terms of the range of products and variation of plans is getting just too much. The answers were fascinating and sparked a great debate. This is a must read for any insurer regardless of whether you keep it simple with one or two products or provide choice via multiple products with a mass of different options.
Later on Tuesday we highlighted all the reasons as to why HSBC’s Critical Illness Plus product scored gold in our Critical Illness with Children rating. Wednesday saw Rob look at how a client might be able to increase their income protection cover without underwriting. Perhaps more than any other product Income Protection should be reviewed regularly to ensure that it remains in line with the client need and this article highlights the key ways that cover can be increased if the clients’ expenditure increases.
On Thursday, Rob explained how Virtual GP services work and practically how they are being used with the help of some data from Scottish Widows. As one of the most selected features of any product plan according to adviser users of our benchmarking systems this is a particularly interesting piece. We have also put a snap poll on Protection Guru asking advisers whether interest in virtual GP’s is reducing now the pandemic is in the news less. We will be fascinated in the results.
Wrapping up this week, Rob has done a very handy everything you need to know about industry conferences. For anyone in any doubt, of course this was an April fool’s insight. There are going to be many valuable and entertaining awards throughout this year providing a fantastic opportunity for advisers, insurers and others to network, catch up with old friends and celebrate what we do. We look forward to every one of them and hope we have not offended anyone!
With just under 2 months to go before our Empowering Advisers Through Technology (EATT) conference, we wanted to celebrate some of the key moments from our past shows, including a Keynote speech from Ian McKenna.
Back at our desks, we were treated to the latest from AdviceBridge, an out-of-the-box automated financial planning solution, that can be tailored to each firm. Our thoughts and analysis can be found on our Advice Tech Hub, alongside over 100 other market-leading Adviser solutions.
As always, all our content is entirely free to adviser firms. Simply create an FTRC account, and after approval, you’ll have access to all our products (Those of you with a Protection Guru account already have access!)
Right, I am off on holiday next week (with a LOT of wine and gin), so will be leaving you in the capable hands of Rob!
Have a great weekend!