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Protection market review August 2017

Protection market update for August 2017

MACRO NEWS AND DRIVERS

Protection Review 2017: award winners revealed
The awards, held at The Landmark Hotel in London, which followed the Protection Review Conference, are designed to recognise the best firms and individuals in the protection and health industries.
https://www.covermagazine.co.uk/cover/news/3014204/protection-review-winners-2017-revealed    

Life expectancy increases have slowed since 2010
Improvements in life expectancy at birth have slowed since 2010, according to analysis from a leading health expert. The Marmot Review found that life expectancy increases had previously experienced a one year increase every five years for women and every three and a half years for men.
http://www.independent.co.uk/news/uk/home-news/life-expectancy-uk-professor-sir-michael-marmot-leveled-off-deeply-concerned-a7846221.html       

Wealth managers targeted to boost protection sales
Wealth managers have a role in growing the protection sector by offering insurance products to clients or referring them on to other advisers, conference delegates have been told.
https://www.ftadviser.com/protection/2017/07/20/wealth-managers-targeted-to-boost-protection-sales/        

Insurer optimism drops but business activity robust
Optimism fell among life insurers during Q2 2017 but business conditions - such as business volumes, profits and hiring - remained strong, according to the latest CBI/PwC Financial Services Survey.
https://www.pwc.co.uk/press-room/press-releases/Insurer-optimism-drops-but-business-activity-robust-as-transformation-beds-in-CBI-PwC-Financial-Services-survey.html

REGULATION AND LEGISLATION

Gig economy workers should receive sick pay and access to benefits
The Taylor Report has called for greater rights for gig economy workers to receive statutory sick pay, holiday pay and other benefits. The landmark report also made recommendations around portable benefits portals and for return to work strategies for gig economy workers.
https://www.theguardian.com/business/2017/jul/11/may-relaunches-premiership-with-new-protections-for-gig-economy-workers    

Getting ready for 2018's new general data protection regulation
The countdown has begun to the new EU General Data Protection Regulation (GDPR), which comes into force on 25th May 2018, but many companies are not prepared and lack understanding about how the Regulation will affect them.
https://www.covermagazine.co.uk/cover/feature/3013564/getting-ready-for-2018s-new-general-data-protection-regulation   

Advisers told to record calls despite rule drop
Advisers have been told to consider recording mobile phone calls even though the regulatory requirement to do so has been scrapped, as it could lead to benefits.
https://www.ftadviser.com/protection/2017/07/19/advisers-told-to-record-calls-despite-rule-drop/ 

PRODUCT DEVELOPMENTS AND INNOVATION

UnderwriteMe partners with firms in Ireland, Asia and Australia
UnderwriteMe's Underwriting Rules Engine has been chosen by insurers in Australia and Asia, along with a second partnership in Ireland. The engine will be at the core of digital transformation for Dublin based Friends First, Singapore Life, a new entrant to the Asian market, and Australian insurer MLC Life Insurance.
https://www.covermagazine.co.uk/cover/news/3014101/underwriteme-partners-with-firms-in-ireland-asia-and-australia    

Generali-UK launches wellbeing investment matching
Generali-UK is partnering with the best providers in their various fields of wellbeing expertise to help ensure that cost isn't a barrier to clients implementing targeted and much needed wellbeing support and services.
https://www.generali.co.uk/Media/UK-News/Generali-UK-Launches-Wellbeing-Investment-Matching.html           

Royal London changes protection application process
Royal London has enabled customers to use an e-signature to provide medical consent in a bid to speed up the protection application process. The insurance provider said the introduction of e-signatures to obtain consent under the Access to Medical Reports Act (AMRA) would dramatically improve turnaround times, reduce dropout rates, cut costs and save advisers time, as returning paper documents can cause delays in getting plans on risk.
https://www.royallondon.com/about/media/news/2017/july/royal-london-introduces-e-signatures-for-access-to-medical-reports-act-consent-forms/    

In partnership introduces CIExpert's service to network members
Network In Partnership has made CIExpert's analysis service available for its members. CIExpert allows intermediaries to rapidly carry out an analysis for each individual client to identify the critical illness plan that is the best match for their needs.
https://www.covermagazine.co.uk/cover/news/3013593/ci

CONSUMER TRENDS

Critical illness often compounded by financial pressures
Half (51%) of those who have been diagnosed with a critical illness, such as cancer, heart attack or stroke, have also faced a shortfall in their income, according to research from Royal London.
https://www.covermagazine.co.uk/cover/news/3014016/critical-illness-often-compounded-by-financial-pressures-research    

UK workers face dire financial straits if ill health strikes
UK employees are at risk of a severe financial shock in the event of ill-health, with many being unable to pay their household bills for more than six to eight weeks.
https://www.bhsf.co.uk/media/2017/ahighwire           

Employees value health policies over gym membership
Employees are valuing pensions and health benefits over gym membership. More than 80 per cent value pension, health, legal and protection services, ahead of 'softer' benefits such as gym membership (62 per cent) and childcare vouchers (41 per cent).
https://www.employeebenefits.co.uk/issues/july-online-2017/87-value-legal-advice-employee-benefit/    

Most employer's help for cancer sufferers falls short
More than a third of UK workers (36 per cent) believe they would get no form of support from their employer if they were diagnosed with cancer, research from Canada Life Group Insurance has revealed.
https://www.canadalife.co.uk/news/financial-impact-of-cancer-2

EXPERTS CORNER

Protection Review 2017: insurers should harness technology to 'speak like humans'
Insurers should take inspiration from start-ups to communicate more effectively with their customers, Rhys Williams strategy director at Quiet Room has urged. Speaking at the Protection Review conference in London this week, Williams also said that "technology was not the be all and end all", what matters is how insurers harness technology to communicate "like humans" with their customers.
https://www.covermagazine.co.uk/cover/news/3014280/protection-review-2017-insurers-should-harness-technology-to-speak-like-humans    

Making insurance work for millennials
Demographic trends, a globally mobile workforce and societal changes have created a brand new group of people for whom lifestyle insurance would be a massive boon: the millennial.
https://www.ftadviser.com/protection/2017/07/20/making-insurance-work-for-millennials/

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