The key takeaways from a packed week
If the summer finally deciding to make an appearance was not good enough, last week brought lots of positive news to the protection industry with welcome product and technology developments being made by two of the larger protection providers. Here at Protection Guru, the team, love to see improvements being made that help both the adviser journey and client outcomes.
On Tuesday we held our monthly forum where we discussed and debated technology in the protection industry. There were some great take aways from the session and some really positive ideas being shared, not only from our guest speakers but also those in attendance. One area that was highlighted was the adviser process for online presales and application underwriting and the limitations this currently brings.
This discussion included not only the lack of options to upload client medical documentation at application to aid and speed up the online underwriting process but also the limited number of conditions covered within online pre-application underwriting tools. As such it was great to see Royal London improved their online presales underwriting tool by increasing the number of conditions covered the following day. This has increased from 60 to over 3,600, which Royal London have stated will make it faster and easier for advisers to get indicative underwriting terms. As we all know discussing your client’s health can be a sensitive conversation so with the improvements made it should mean the conversation will become easier which is welcome news.
Last week also saw the hugely anticipated launch of Zurich’s new critical illness proposition aimed at offering greater flexibility to consumers and advisers. The new product comprises three levels of adult cover aimed at specific client needs, alongside an updated children’s cover package that has been decoupled from adult cover giving clients more flexibility to only pay for what is relevant to them. The updated proposition also includes the option to add cover for children to a life only policy, with two options: children’s cover and children’s enhanced cover. Both options can be added or removed from adult cover at any time, with parents and guardians able to choose a sum assured that suits their needs and budget, from £10,000 to £100,000. The most unique aspect of the proposition, however, is the separation of pregnancy complications, congenital conditions and birth defects from the main children’s cover. These conditions are only relevant to clients that are planning to start a family and as such irrelevant for clients that already have children but not planning to have more. The separation of this benefit really enables clients to only pay for cover they want and importantly what they can claim on. Read the full details of what Zurich launched here
Finally, it was announced last week that Justin Harper has joined the Life Search senior leadership team as Chief Marketing Officer. Justin brings many years of experience and passion and having had the pleasure of working with him I am excited to see how he develops his new challenge. I am pretty sure sharks and Yorkie biscuit and raisin bars will be trending. The Protection Guru team wish Justin all the very best in his new role.