PGPro usage, the cost of living crisis and everything else we covered last week
PGPro usage the cost of living crisis and everything else we covered on Protection Guru last week
In a week where the cost of living crisis continues to dominate the headlines, we at Protection Guru are continuing to look at ways to support advisers in what could become a tricky period for protection new business and retention.
Our monthly virtual forum which takes place at 12.00pm tomorrow, will have both advisers and insurers talking about what they are doing to minimise the impact and sharing ideas. This promises to be a great session and if you would like to attend you can register here.
With the use of ProtectionGuruPro going from strength to strength we took a peak at some of the MI. To date 61.86% of the analyses run through the system have included critical illness, with 26.28% Income Protection and 11.86% on life only.
What is more interesting is the filters that are being applied on our results screen. Within PGP, we enable users to include or remove products based on the structure of the plan and key aspects of cover provided (or not included as is often the case).
Critical Illness filters
Perhaps unsurprisingly our children’s cover filter is the most used for critical illness. There is a pretty even split between analyses that have removed products that do not include child CI and those that have removed products where child CI cover incurs an additional cost.
Income Protection filters
For income protection the most commonly applied filter is the based on the premium type. Perhaps unsurprisingly, reviewable premium plans are removed most often with age costed plans close behind. As one would expect, for Income Protection it seems that Guaranteed premiums are very much king.
What has been fascinating has been monitoring what this means in terms of insurer selection and we will be following this closely to monitor any trends in the market as we capture more data.
If you haven’t tried ProtectionGuruPro yet (why not it’s free until the end of August!), please click here
Before we review what we covered on Protection Guru last week, we have had some fascinating submissions for our #PGAwards2022. Time is very much ticking for those that would like to enter or nominate someone for an award and we look forward to reviewing the fantastic entries we are bound to receive.
To enter/nominate or vote for an award please click here
For our regular insight content, we started the week on Monday with an article examining how critical illness plans support claimants who have been hospitalised or suffered a serious accident.
We returned to the theme of critical illness cover on Tuesday, this time with an insight marking Deafblind Awareness Week. Our expert panel of doctors (who work with us on benchmarking critical illness plans for ProtectionGuruPro) looked at how deafblindness is covered by critical illness plans and why income protection may be a better recommendation.
For Wednesday’s insight Rob Harvey looked at what different premium options are available on protection policies and which clients they might be suited to. This useful insight also highlighted how we’ve made it easier to filter out different premium options on ProtectionGuruPro, as we’ve mentioned above.
Turning to income protection cover on Thursday and following a recent announcement from British Friendly of the introduction on a new minimum benefit guarantee on their BFS Protect Plan, Rob Harvey updated our market analysis on this valuable benefit.
We finished the week on Friday with a round-up of content from our recent Protection Forums, bringing you full transcripts and audio of everything discussed.
Have a great week everyone!