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Improving advice, intelligence and standards

Improving advice, intelligence and standards

Innovation is at the heart of everything that we represent and extremely passionate about at Protection Guru. We are delighted (and still absolutely buzzing!) to be awarded with the Innovation award at the Protection Review 2022 conference on Thursday evening.

We were shortlisted alongside exceptional innovators in the industry, Aviva, HSBC and Zurich. Kevin Carr, Chief Executive, Protection Review, confirmed that ‘The judges said the dedication of this company to improve advice, intelligence and standards across the industry is vast, with changes made this year being very well received by adviser firms…’

This really is a testament to the dedication from our wonderful team across Protection Guru and FTRC and the continuing desire to deliver innovation through technology. Additionally collaborating across the industry to ensure there is access to meaningful detail to make informed choices recommending protection solutions.

And a big thank you to Setul Metha from The Openwork Partnership for taking our team photo! Everyone looks rather happy and very dapper!

Protection Review 2022 

Protection Review 2022 was an outstanding day of fantastic speakers and thought-provoking panel debates, including our very own Adam Higgs discussing the topic of ‘Who is King? Price, product or process?’

Adam, alongside Steph Hydon (iPipeline) Ian Sawyer (Assured Futures) and Jonathan Yoomer (YuLife) discussed which is most important for advisers and their clients? Have we ignored process for too long? Is poor service influencing adviser recommendations more than price or product? Will future innovations emerge from process and service developments?

Adam answered the question perfectly by explaining that a 5 minute conversation with the client will make it abundantly clear what is king. If the client has pre existing medical conditions meaning that ratings will be applied then price is likely to be king. If there is a rush for cover to be put in force then process and speed of getting cover on risk is important, in all other situations the product should be king. Consumer duty is very clear that comparing on price alone (unless there is affordability issues) is no longer good enough.

Finishing up with Project X – 7 speakers with 7 diverse and controversial topics and 7 minutes to deliver this.

We heard about sex, sanitary towels, dentists, complex language, videos, mental health and income protection implications together with the requirement for change of terminology for terminal illness benefits. Fantastic positioning and delivery by well-known industry legends.

On Protection Guru, we started the week by looking at our upcoming Protection Forum on Wednesday 7th December.  We will be covering the following topics:

  1. Adviser wishes for 2023 – In the first session we invite a number of advisers to elaborate on the one wish they have for the protection industry in 2023.
  2. Insurer outlook for 2023 – Product development, underwriting and regulatory changes – In the second session a number of insurers will provide their views on what 2023 may have in store for the protection industry with regard to underwriting, claims and product design.

To reserve a place, please click here.

Whilst on the face of it, the cover offered by income protection plans is as simple as providing a replacement income if the client is unable to work due to ill health, in reality IP plans often provide far more cover for a whole range of scenarios. This can range from extra financial support, if for example the client is hospitalised, to further payments for certain life changing illnesses, such as the trauma benefit offered by some insurers. On Tuesday, Adam Higgs examied Which Income Protection plans provide special terms for terminally ill clients.

On Wednesday, Adam Higgs looked into which Income Protection plans include hospitaliasation benefit. Whilst income protection insurance plans are designed to pay a replacement income if the client is incapable of working due to ill health, insurers are increasingly offer a lot more in the way of additional support. This could take the form of various benefits and services to help the client maintain their health and wellbeing or seek professional advice for more minor, every day ailments. With some insurers that support can also come in the form of additional payments alongside any monthly benefit, to provide further financial assistance in certain circumstances. One such feature offered by a few income protection providers is hospitalisation benefit.

We ended the week on Protection Guru with a look at which insurers offer special defer periods for NHS medics, teachers and public sector workers. When arranging an income protection policy for NHS medical professionals, some teachers and public sector works, one of the challenges advisers may face is matching the defer period to the clients sick-pay arrangements. Currently the standard option offered by most insurers is a fixed defer period of either 4, 8, 13, 26 or 52 weeks, which doesn’t always allow for the necessary flexibility in aligning the defer period with the sick pay provision offered in certain professions. Fortunately some insurers have recognised this and offer sick-pay matching defer periods for certain occupations. In this insight we explore those options in more detail.

Have a great week everyone!

About The Author


Niki Cooke has over 20 years’ experience in the financial services industry, in particular in the advise-tech sector, where she has worked for the likes of iPipeline, Intelliflo and Twenty7Tec Group. Niki recently joined FTRC/Protection Guru as Chief Revenue Officer, supporting the business in it’s growth and development of protection focused adviser research tools and working with the wider industry to help grow the protection market.

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