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Protection market review - June 2018

Protection market update for June 2018

MACRO NEWS AND DRIVERS

Bupa returns to the Association of British Insurers - The Association of British Insurers (ABI) has confirmed that Bupa will reinstate its membership in January 2019.
https://www.ftadviser.com/protection/2018/06/12/bupa-returns-to-the-association-of-british-insurers/

AXA sells whole of market healthcare broker - “We can confirm we are currently finalising the purchase of The Health Insurance Group from AXA.” Those were the words of Matthew Raino, managing director at Madison Dearborn Partners (MDP), when it was revealed that AXA was selling its whole of market healthcare broker The Health Insurance Group (THIG), also known as Health and Protection Solutions Ltd.
https://www.insurancebusinessmag.com/uk/news/breaking-news/axa-sells-whole-of-market-healthcare-broker-103041.aspx

GRiD launches 'best practice' academy for advisers and providers - GRiD, the industry body for the group risk industry, is starting an academy aimed at raising standards among newcomers to the sector who might lack training from their own employers. Open to both intermediaries and providers, the GRiD Training Academy's mission is to encourage best practice and offer an introduction to the fundamentals of group risk as an industry
https://www.covermagazine.co.uk/cover/news/3033653/grid-launches-best-practice-academy-for-advisors-and-providers

Providing life assurance for employees ‘too complex’ - Deciding how to offer life assurance to employees has become too complicated, according to Group Risk Development (GRiD), the group protection industry body.
https://www.healthinsurancedaily.com/health-insurance/product-area/group-risk/article485649.ece

REGULATION AND LEGISLATION

GRiD calls for OTS to reduce costs for employers offering life - Group Risk Development (GRiD) has responded to the Office of Tax Simplification's (OTS) request for Inheritance Tax (IHT) perception feedback by calling for various exemptions and the removal of tax charges for employers purchasing group life assurance (GLA).
https://www.covermagazine.co.uk/cover/news/3033873/grid-rallies-for-reduced-ots-costs-for-employers-offering-gla

FCA data: Ten key advice market takeaways - The latest data bulletin from the Financial Conduct Authority (FCA) gave a comprehensive overview of the state of the advice market in 2017.
https://www.professionaladviser.com/professional-adviser/news/3033793/fca-data-bulletin-ten-key-takeaways-on-the-advice-market

PRODUCT DEVELOPMENTS AND INNOVATION

British Friendly launches lump sum return-to-work IP benefit - Just two weeks after permanently rolling out Income Support Payment, British Friendly has introduced a new claims initiative which pays members a cash lump sum in order to help with the transition back to work after a period of illness or injury.
https://www.covermagazine.co.uk/cover/news/3033471/british-friendly-launches-cash-lump-sum-return-to-work-ip-benefit

Sesame advisers sign-up to protection charter - Six hundred advisers have sign-up to PMS and Sesame's protection campaign charter.
https://www.ftadviser.com/protection/2018/06/04/sesame-advisers-sign-up-to-protection-charter/

VitalityLife pays out 96% of claims - VitalityLife paid out 96 per cent of all claims across its life, serious illness and income protection products in 2017. 
https://www.ftadviser.com/protection/2018/05/31/vitalitylife-pays-out-96-of-claims/

Royal London pays 99.1% of 2017 protection claims - Royal London paid out on 99.1% of all claims it received last year - amounting to more than £517m in total - its claims statistics for 2017 have revealed.
https://www.professionaladviser.com/professional-adviser/news/3033332/royal-london-pays-991-of-2017-protection-claims

CONSUMER TRENDS

UK workers 'want dental insurance more than gym discount' - Unum Dental - British employees would prefer their employers to offer dental insurance to a company share save scheme or discounted gym membership, research from Unum Dental has found.
https://www.covermagazine.co.uk/cover/news/3033671/uk-workers-want-dental-insurance-more-than-gym-membership

Lost in translation: Only 13% of UK policyholders understand their insurance policies - Who hasn’t heard of the saying ‘keep it short and simple’? Probably no-one, yet it seems insurance policies still haven’t applied the message as a new study finds not even a fifth of policyholders in the UK understand them.
https://www.insurancebusinessmag.com/uk/news/breaking-news/lost-in-translation-only-13-of-uk-policyholders-understand-their-insurance-policies-102470.aspx

Cost main barrier for customers buying protection - Royal London - Some 69% of people think protection premiums are too expensive, while 49% of advisers believe customer inertia is one of the greatest barriers to people buying cover, Royal London's second State of the Protection Nation report has revealed.
https://www.professionaladviser.com/professional-adviser/news/3033157/cost-main-barrier-for-customers-buying-protection       

EXPERTS CORNER

Andrew Wilkinson: Critical illness - what about the unlucky? - Difficult-to-diagnose critical illnesses such as lupus can take years to confirm and misdiagnosis is common. How can we as an industry help ensure claims are paid?
https://www.covermagazine.co.uk/cover/opinion/3033967/andrew-wilkinson-critical-illness-what-about-the-unlucky

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