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International Women’s Day and our 2022 Product Ratings

International Women’s Day and our 2022 Product Ratings

This week has been another fun filled action packed week at Protection Guru and with Ian in Las Vegas at the iPipeline connections conference (I am still awaiting my invite), I will take the reins in our wrap up of the week once again! Ian tells me there is a fascinating contrast between both the protection and wealth advice sectors in the US and UK with each having an enormous potential to learn from each other. I am sure he will share more with us going forward. This week has been especially busy at PG HQ, but I would like to start our run down by highlighting International Women’s Day which took place on Tuesday.  

The theme for this years day was #BreakTheBias and aim’s to “celebrate women’s achievement. Raise awareness against bias. Take action for equality”. At Protection Guru we are especially proud of the women in our business that are a vital part of the team. Poppy our COO, Sam our Head of Operations, Jess our Business Analyst and Emma our Research Associate each have vital roles in the business, without which we wouldn’t be able to provide you with the analysis and research we do. In the last five years I have seen massive strides in the protection industry with more women taking key influential roles but there is much more to do and we must all ensure we strive to #BreaktheBias.  

In big news for Protection Guru, this week we launched our 2022 product ratings. This year we have broadened our ratings to include an additional income protection rating focusing on income protection for clients with fluctuating incomes.  With more and more protection products available to advisers, these ratings are designed to help quickly differentiate between the different propositions and understand the strengths of each product. As always there were some stand out results and both LV= and Guardian stood out for achieving gold medals in every category where they offer a product. 

Elsewhere on Protection Guru this week, on Monday Rob published an insight looking at joint life insurance separation options. This was a useful follow-up to last week’s insight on whether advisers should recommend single or joint life cover.

Following Zurich’s announcement this week of a new fully digital business protection trust, Tuesday’s insight gave a detailed overview of when this business trust would be appropriate, as well as information on how to actually complete the trust.

On Wednesday, to mark No Smoking Day, Rob turned his attention to smoking rates and protection insurance. This detailed and informative insight provided data on when insurers apply smoker rates, ex-smoker rates and what the processes are for switching to non-smoker rates if the client quits smoking.

Thursday was the launch of our ratings, but continuing with the usual insight content we also marked World Kidney Day with an insight covering how kidney disease is covered in critical illness plans. Importantly, this insight also examined what support services and benefits insurers offer that could help clients maintain or improve their health to prevent the risk of kidney disease.

We finished the week with a round-up on our life insurance ratings, bring you the overall life ratings, mortgage life, family income benefit and business protection ratings.

Our next Protection Forum will take place on Tuesday 15th March, between at 1pm. If you’ve not yet registered, advisers can click here for their free ticket.

This week on our focus was our AdviceTech Forum

We started the week by looking back at our February Forum which focused on the trials, tribulations, and innovations in getting client data.

The key learnings from this session were:

  • The benefits, costs, and realities of building your own technology solutions as an advice firm.
  • The future of platforms and data ownership and access.
  • How companies like CashCalc and Origo are modernising the process of gathering and transferring client data.

I would encourage anyone who wasn’t able to attend the session, to have a read or listen to the full session audio.

On Friday, we announced our March AdviserTech Forum – “Building Best of Breed Tech”.  The session will take place on Tuesday, March 29th from 12:00 PM – 1:00 PM,via Microsoft Teams.

During the session we will be discussing how some advice firms are approaching their technology strategy and, in particular:

  • A single end-to-end solution doesn’t always deliver what some firms need, leading some to look at “best in breed” as an option.
  • What does this term mean? What does the journey for identifying, selecting, and implementing this strategy look like?
  • And ultimately, does it deliver a better outcome?

If you work for an Adviser Firm you can reserve a free space here.

Over on Benefits Guru, we started the week with the second instalment of our ‘savings vehicles – what ISA products are available from providers and how do they work?’ insight.

On Thursday we looked at how providers can drive member engagement by better communicating when contributions are made and the value of these messages

About The Author

Adam Higgs

Adam leads Protection Guru's detailed protection research and benchmarking of both product and operation features provided by insurers and has a vast knowledge of the protection market. He has been instrumental in building the protection comparison service Quality Analyser and maintaining the data to enable adviser to quickly and easily compare protection products based on qualitative measures. He also works with adviser firms to help in panel reviews and with insurers to help them understand the shape of the market, their strengths and the areas that could be improved in their products. In his spare time and when not spending time with his wife and two children, Adam is a keen Arsenal fan and enjoys hacking his way around a golf course.

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