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Looking at the detail of what makes a great Protection Proposition

Looking at the detail of what makes a great Protection Proposition

This week we started rolling out the detail of our 2021 Protection ratings, beginning with an analysis by Adam Higgs of How Guardian achieved gold across the board in this years ratings. From this study advisers can reach, not only the overall medals tables that can be used to compare each of the 181 different protection product we benchmarked against each other, with only 71 achieving a gold rating, but also detailed fact sheets on each Guardian product. These identify the specific areas where we feel they excel and why, combined with our analysis of areas where they could improve further. This should be powerful content which advisers can use to support recommending Guardian products.

In the coming weeks we will be highlighting other insurers who have performed strongly in our ratings although the relevant analysis and fact sheets can already be accessed from our site. You will need to use our new registration system to access this content so if you have not already done so please register here. 

This week saw research published by the Office of National Statistics which highlighted that one in three people would now feel financial stress if they had to find £850 to cover an emergency, up from one in five before COVID. In addition to being a really good reason why people should buy income protection, this highlights the importance of information published on our sister Benefits Guru site this week when Jason Green announced the results of our inaugural Financial Wellness Ratings. This explores which workplace pension providers are offering important different additional services to support consumers and/or employees suffering financial stress.

Financial wellness is an area some group risk providers also support although it’s worth looking at what pension providers are delivering as currently, as they seem to be offering more comprehensive services. Details of the awards can be found on the Benefits Guru Ratings page. 

We published the second instalment of Making income protection more flexible – highlights from our March Protection Forum on Wednesday. This provides a wealth of perspectives from Aadvisers on the issues they find challenging when recommending protection products and dealing with claims arising from them.

Essential reading for anyone at an insurer or reinsurer trying to make their products better. 

On the subject of our Protection Forums, the next event takes place at 11 am next Tuesday 11th May 2021.   When we will be exploring with advisers: 

  • How can we help the mortgage industry achieve more protection sales? 
  • What has the pandemic taught us about protection sales, and about closing those sales?

If you have not done so already, click here to book your place.

Amanda Newman Smith produced two insight studies for us this week, the first explored When is financial evidence required on business protection cases?  with the second looking at the same issue but for critical illness plans.   

Finally, we wrapped up the week with Robert Harvey’s Claims statistics and stories – everything you need to know insight. Like many in the industry we believe claims is the most important thing we do so look out for a new service from Protection Guru next week focused on helping advisers support clients through protection claims. 

For those of you involved in wealth advice firms or who are financial planners our May Investment Forum may be valuable. On 25th May 2021 a  panel of advisers will be discussing lessons that have been learned from working during the pandemic, and particularly which changes it is important for platforms and insurers to continue to adopt once normal life resumes.   

To book your place click here

It looks like there will be some sunshine this weekend so have a great time and remember to look out for our big new announcement about our new claims service next week.  

About The Author

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Ian McKenna is the founder of Protection Guru. A 40 year veteran of the financial advice and related technology markets. Having worked for insurance and financial advice firms in 1995 he set up Financial Technology Research Centre, which publishes Protection Guru over a decade before “fin tech“ was recognised as an industry term. He believes passionately that far more people can be protected by life insurance and related contracts if we can demystify these and make objective comparative information on policies more accessible.

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