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Protection market review July 2017

Protection market update for July 2017


Defaqto launches business protection guide
Defaqto has released a guide for advisers, sponsored by Aegon, which provides information on business and personal protection for small business owners.

Royal London urges HMRC to extend executors' IHT bill deadline
Royal London has called on HMRC to grant people more time to settle inheritance tax (IHT) bills, after finding executors of larger, more complex estates risk having to pay these out of their own pocket.


FCA chair Griffith-Jones to step down in March 2018
The founding chairman of the Financial Conduct Authority (FCA) John Griffith-Jones will step down after the completion of his first term in the role next March.   

FOS upholds third of complaints about IFAs
The Financial Ombudsman Service (FOS) has upheld 36% of complaints about financial advisers in the past year, down from 40% in the previous year, its annual review has shown.  

Regulators promise clarity on definition of insurance advice
Advice definitions will be made clearer under the Insurance Distribution Directive following a series of consultations by HM Treasury and the City regulator.


Old Mutual Wealth signs up to funeral payment pledge
Old Mutual Wealth will help people meet the escalating cost of funerals by advancing payment of the sum assured up to £10,000 across several products including its Protect range.

National friendly introduces "Assisted living insurance" product
National Friendly has today launched 'Assisted Living Insurance', specifically aimed at supporting older people to extend independent living in their own home in later life.

Intelliflo launches 'time-saving' protection portal
Intelliflo has integrated iPipeline's SolutionBuilder into its Intelligent Office (iO) system to help advisers "rapidly model and shape" protection solutions.   

Ellipse rebrands with new website
The group risk insurer entered the market in 2009 and introduced a range of online systems for advisers designed to improve processes and lower costs. They soon became known for their digital services, especially in the SME market, but have since broadened their product offering and recently announced new administration processes for large employers.

LV= launches pre-underwriting tool to give instant decisions
LV= has announced the launch of its new pre-underwriting tool, in partnership with UnderwriteMe, in a bid to improve the underwriting process for advisers.         

Holloway friendly joins the right mortgage & protection network
Holloway Friendly's Short Term and Purely Income Protection policies will be available on The Right Mortgage Network from mid-June 2017.   

New protection insurer to enter the market
Entrepreneurial start-up company Gryphon Group Holdings Limited, has raised £180m in funding to design and build an 'insurance challenger' that seeks to protect more families in the UK.           

LV= incentivises advisers to take out income protection
Advisers who take out IP with LV= between now and 31st August 2017 will get a discount of around 10% depending on their situation for the entire length of the policy.


Half of HR experts 'don't know' their employees' health and wellbeing priorities
Over half (54%) of employee benefits specialists say they 'don't know' what the top three health and wellbeing priorities are for their employees despite 81% having a health and wellbeing strategy in place, according to Simplyhealth.   

Half of SME owners leave no instructions about company shares in will
Over half (51%) of Britain's small business owners have left no instructions in their Will or made any special arrangements regarding shares according to Legal & General's 'State of the Nation's SMEs' report. Fewer than two in every five people (38%) had considered how a life policy could help.          

Women in late 30s would not survive a month without income
Inga Beale, chief executive officer of Lloyd's London has said that despite controlling "70-80% of consumer spending globally", "over a third of women in their late 30s would not be able to survive for 'one month if they lost their regular source of income'.

L&C research shows customer attitudes to annual statements
London & Country Mortgages (L&C) has called for the protection industry to introduce annual statements as it shares customer views on whether they would like to receive such contact from insurers, COVER can exclusively reveal.


Insurance industry must improve whole claims process
Insurers and advisers need to work harder to improve the claims process for policyholders, the life office relationship director for Lifesearch has claimed.

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