Protection market update for February 2018
MACRO NEWS AND DRIVERS
Sixty adviser firms add lifequote D2C service to sites - A selection of 60 adviser firms have incorporated a D2C service into their websites, which in addition to providing comparison platforms for intermediaries also supports some of the largest consumer comparison sites.
REGULATION AND LEGISLATION
Further delays to idd
The Insurance Distribution Directive (IDD) shelved until the outcome of the proposal for its application date is confirmed, HM Treasury has announced.
FCA independent disputes committee sees jump in case referrals
The Financial Conduct Authority's (FCA) independent arbitration panel, the regulatory decisions committee (RDC), saw case referrals jump by two-thirds (65%) in 2017. According to data collected by legal advice firm Cleveland & Co, 476 cases were referred to the RDC in 2017, up from 289 in 2016.
FCA to bring forward discussion paper on duty of care
Instead of happening after Brexit, The Financial Guidance and Claims Bill will now happen before the end of the year. In order to bring in duty of care for financial services, providers require an amendment to the Financial Services and Markets Act 2000.
PRODUCTION DEVELOPMENTS AND INNOVATION
Legal & general to launch new data programme for intermediaries
The Customer Risk and Opportunity Management platform will analyse trends and correlations for customers. First announced at the Legal & General annual Business Quality Awards last week, the new service, which will be launched with selective intermediary partners in Q2 2018, is designed to allow advisers to provide more personalised assistance to customers through rich data analysis.
UK-based insurtech firm eviid expands into europe
InsureTech firm Eviid has expanded into Europe with an office in Lelystad, Holland, following its development of evidential technology for digitally recorded media. The move has come with six new hires to its developer and support team within its new European sales office so far during January and February 2018.
Prudential to advise for the cambridge building society
Prudential Financial Planning has been drafted in to offer advice on protection requirements as well as for investment, pensions and retirement planning to customers of The Cambridge Building Society.
British friendly adds three mutual benefits initiatives
British Friendly has added three new elements to its Mutual Benefits in the shape of 'health MOTs' at no extra cost, power of attorney at no extra cost and discounted travel insurance. The Mutual Benefits are available to both new and existing members and are designed to offer practical benefits to enhance members' lifestyles and complement their income protection cover. The protection provider first launched the programme last February.
Ellipse launches employee benefits benchmark tool
Ellipse has launched a 'benefits benchmark' tool aimed at advisers who would like to measure the extent of their corporate clients' employee benefits against those of their competitors.
Aviva unveils whole of life policy for wealth advisers
Aviva has launched a whole of life insurance product aimed at wealth advisers with "high value" clients who have tax planning needs. The policy is suited to those who want help to cover inheritance tax liability or who want to leave a legacy.
UK family businesses risk impact of critical illness or death
Of 800 small businesses surveyed as part of Legal & General's ‘State of the Nation's SMEs' research, just 42% of British family-owned businesses have any form of long-term plan in place, with less than a third expecting to survive into the second generation and only 10% into the third.
More than half of consumers want healthy behaviour to affect premium - According to the research, 53% of consumers want their diet and levels of exercise to be considered when premium is calculated, while 64% said that age was the most important factor.
National heart month: millions of Britons unprotected - Coronary heart disease kills 70,000 in the UK every year, while only a third of the population have life insurance, research by Scottish Widows has revealed.
UK life customers at risk of £100bn loss due to trust omissions - Two fifths have never heard of writing a life insurance policy into a trust however eight in 10 have assets they want to pass on, research by Legal & General has revealed.
The problem with protection
The trouble with protection, argues Brendan Llewellyn, is your money can feel wasted unless something horrible happens to you. The sector needs to evolve and, he points out, it is...