Protection market review November 2017
MACRO NEWS AND DRIVERS
Protection sales jump to five-year high
Protection sales have risen to a five-year high on the back of a surge in mortgage term policies. Figures from Equifax Touchstone show protection product sales in the second quarter of 2017 rose by 4.9 per cent on the previous three months to £147.1m.
REGULATION AND LEGISLATION
'Improving lives' minister Penny Mordaunt replaces Priti Patel
The future of the 'Work, health and disability: Improving Lives' green paper 'roadmap' is currently uncertain as Penny Mordaunt MP has left her role as minister of state for disabled people, health and work following a cabinet reshuffle.
Govt makes reforms to funeral payments
The government has consulted on reforms to make it clearer who is eligible for Funeral Payments, which it says will make it easier for people to claim. Recipients of Funeral Payment will now receive contributions from relatives, friends or charities without it being deducted from the payment.
Penny Mordaunt MP welcomes industry protection statements
Penny Mordaunt MP has welcomed the development of a prototype workplace protection statement to support individuals to take action on their protection needs.
PRODUCT DEVELOPMENTS AND INNOVATION
Critical illness cover comparison site launched
Financial research consultants F&TRC has launched a new comparison service for financial advisers, para-planners and networks who advise clients on critical illness (CI) cover.
Aviva for Advisers hit by technical issues
A technical fault with Aviva’s intermediary website has left advisers struggling to submit cases, meaning their clients lose out on mortgages and investments.
iPipeline helps mortgage advisers boost protection offering
Software company iPipeline has updated its SolutionBuilder system to help mortgage advisers highlight the importance of protection. A risk and mortgage protection report has been added to SolutionBuilder to allow advisers to demonstrate the importance and affordability of protection to their clients while arranging their mortgages.
Holloway launches online protection underwriting
Holloway Friendly has launched an online underwriting service that allows advisers to write short-term income protection business in a matter of minutes.
AIG launches over 50s plan to broker market
AIG Life has transformed its Over Fifties Life Plan into a mainstream broker product in what it claims is an industry-first for this type of cover.
VitalityHealth develops adviser hub platform
The platform, which will be rolled out to advisers throughout the autumn, will house a selection of downloadable forms and literature items, including renewal documentation. The hub will also offer improved service delivery through immediately logging and confirming receipt of requests from advisers.
VitalityLife offers real time online decisions for type 1 and type 2 diabetics
VitalityLife will be providing fully underwritten final decisions online for Type 1 diabetics who have achieved good control of their condition without complications.
A third of employers ‘communicate benefits at least monthly’
A third (32%) of employers speak to their staff at least once a month about benefits, a poll shows. Group risk insurer Ellipse surveyed 1,150 employees and 1,001 employers.
Just 2% of 'gig workers' have protection
Only 2% of so-called gig workers have access to life insurance, income protection and critical illness insurance via their gig employer, a poll suggests.
GDPR - compliance exercise or protection marketing opportunity?
GDPR is a hot topic and is currently exercising the minds and resourcing of IT and compliance teams throughout the UK. There's no doubt the new regulations are creating a lot of work to ensure full compliance is achieved and some nasty looking fines avoided. For some companies, GDPR will be relatively straightforward as their data management practices are already of the highest standards. For other companies, particularly smaller businesses, GDPR is a potential minefield.