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The Perception Gap, Maximising Client Security and simplifying consumer documentation – a thought provoking week

The Perception Gap, Maximising Client Security and simplifying consumer documentation –  a thought provoking week

AMI Viewpoint report – The Perception Gap

The Association of Mortgage Intermediaries (AMI) Viewpoint report was published last week, now in its fourth year, this year’s report emphasises both positive opportunities and reasons for optimism within the protection industry while highlighting areas for improvement.

The Perception Gap is a focal point, exposing disparities between industry perceptions and consumer realities. House purchases continue to be the primary catalyst for consumers to invest in life, income protection, and critical illness cover, underscoring the need for the protection industry to integrate such advice seamlessly into mortgage processes. Encouragingly, there is an upward trend, with 50% of consumers recalling their mortgage adviser addressing protection, up from 36% in 2020. However, there remains substantial room for improvement.

The impact of Consumer Duty is evident, with 40% of mortgage advisers reporting increased protection discussions, though 22% have not adapted their approach. Despite this, 31% of consumers still prefer buying protection via price comparison websites, posing questions about these sites’ adherence to FCA requirements for demonstrating value. The report also sheds light on the lack of consumer understanding regarding state benefit limitations during long-term illness, emphasizing the importance of education.

Additionally, the younger generation exhibits a preference for face-to-face advice over online platforms. Concerns arise regarding the scarcity of case studies for death claims, and there is a notable absence of protection sections on 34% of advisers’ websites. The report underscores the untapped potential in social media, with only 13% of advisers utilizing this platform to create content about protection, raising questions about the choice of platforms to engage younger consumers.

The full report can be found here – AMI Protection Viewpoint 2023 – The Perception Gap

Thank you to Rob Sinclair, Stacy Penn and Andrew Montlake amongst many other contributors for this very engaging and enlightening session.

The Consumer Duty Alliance Technology Forum

The Consumer Duty Alliance Technology Forum held an online fireside chat on Friday covering “Maximising Client Security & Creating New Opportunities”.

The session was chaired by Ian McKenna, and he was joined by Josif Grace from Legado and Chris Davies from Howden.

A critical business risk often overlooked by advisers is cybersecurity. Highlighting the severe consequences, it notes that 60% of small and medium-sized enterprises (SMEs) experiencing data loss end up going out of business within six months.

The session aimed to raise awareness among advisers about the significance of this threat and provided guidance on essential actions to safeguard both their own interests and those of their clients. A total of 13 key actions were identified, emphasising the need for proactive measures to mitigate the risks associated with cyber threats.

Read more and the 13 actions to take here:

A very informative session with great insight from Ian, Josif and Chris.

Protection Forum

We held an extremely energetic Protection forum last week covering the subject of ‘How can consumer documentation be simplified’.

An excellent interactive session with contributions from:

Angela Davidson – Mortgage Intelligence

Zoe Priselac – Way More Solutions

Nicola Huxley – Sphere Mortgage and Insurance

Stacy Penn – AMI

Rachel Welsh – Guardian

Alan Jenkinson – Scottish Widows

  • How can we ensure language is better?​
  • Can documentation be dynamic and only include info that is relevant to the client?  
  • What progress have insurers made?

Some of the key take aways:

  • Documentation should be modular for consumers – ensure key summary points are easy to read of what they have in place.
  • If you pick up the policy details in 5 years’ time, you should clearly be able to understand what you have in place
  • Different types of reading and visual interactive styles should be accommodated, to address consumer interaction – paper, digital, infographics, audio as an example.
  • Additionally ensuring that different client needs are catered for i.e. neurodiversity

A huge thank you to all our contributors.

Our final forum for 2023 will be held on Tuesday 5th December and will cover:

‘How did we do in 2023 and what is your wish for 2024?’

  • Advisers to discuss their wishes for the new year​…
  • Insurers to discuss what they implemented over the last year…

Please register here for your place here December 2023 Protection Forum

Wear party hats, Christmas jumpers, eat mince pies, maybe even a glass of something to toast a very busy 2023!


elsewhere on protection guru last week

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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