Industry news and views from Panacea and our partners.
Protection_
Alan Lakey: How regulation has failed
Financial services regulation is approaching its 36th birthday and it is reasonable to assume that most of todays advisers have never worked in a non-regulated world.
A focus on comprehensive Protection planning
Advisers can no longer afford to overlook life, critical illness, and income protection insurance. Those embracing their advisory responsibility are focused on ensuring comprehensive protection for all clients, with regular reviews to maintain relevance. On the other hand, those feeling overwhelmed, preoccupied with mortgages, or lacking interest must now guide clients to firms with established arrangements. Numerous protection specialist firms are eager to collaborate with busy mortgage brokers, efficiently addressing the responsibility requirement.
Easy as 1, 2, 3
Cirencester Friendly recognises that navigating the claims process can be overwhelming, which is why they are committed to ensuring a seamless and hassle-free experience for your clients. To achieve this, theyve recently introduced a streamlined three-step claims process, designed to simplify and expedite the journey from claim submission to resolution.
Sick pay short falls
I hope everyone's 2024 is off to a great start. For us, there was positive news for the sector with the rise of income protection sales for the start of the year.
Cura: Income Protection Claims
I have Debbie Smith who is the Chief Medical Officer at Swiss Re with me to talk about the trends that she is spotting when it comes to income protection claims.
PDG Underwriting Challenges
In this article, Alan Knowles, Board member of the Protection Distributors Group identifies 3 underwriting areas where we believe significant improvements can be made.
Reflecting on 2023: milestones, challenges, and innovations on the Protection landscape
In a manner similar to 2022, the year 2023 will be etched in memory for various reasons some commendable, others disappointing, and a few rather mundane. One notable milestone is the 40th anniversary of the introduction of critical illness in the UK.
The Protection Distributors Group
The Protection Distributors Group is urging all UK life and protection market firms to heed and act upon the recent speech given to the COVER Health and Protection Summit by Lisa Sturley, Head of Market Interventions, Insurance Supervision at the FCA.
2024 Outlook: Navigating the Post-Rate Rise Landscape in the Financial Markets and Insurance Sector
As we enter 2024, the prospects appear more optimistic with the conclusion of rate hikes. While these increases may pose challenges for some, it's crucial to note that the Bank base rate now aligns with pre-2008 levels, marking the end of a 15-year low-rate era initiated by the credit crunch.
MetLife: Interactive Product Brochure
Our easy to browse ChildShield brochure is ready to share with prospective clients.?
Cirencester Friendly maintains superior customer service rating with advisers
Cirencester Friendly is delighted to announce another strong set of results from this years Institute of Customer Service Business Benchmarking Survey.
Cura: Practical Protection Podcast - Insurtech and Health Data
We have Lisa Balboa back with us giving her insights into insure tech and how this could change the way that insurers underwriter insurance applications and give ongoing health support to their policyholders.
MetLife: ChildShield Sales Process guide
Our Sales Process guide outlines the types of customer ChildShield can help and how you can identify them?.
Cura: Practical Protection Podcast - Total Permanent Disability
We are talking about Total Permanent Disability, a potential claimable condition on most UK Critical Illness Contracts. We are talking about how TPD claims work and also the difficulties that can be experienced in placing a claim for this condition.
Protect Association Newsletter Nov 2023
First, thanks to all our brilliant Protect Association members, individuals, and companies. Your support and your membership fees keep us afloat.
Cura: Practical Protection Podcast - Episode 4 - Market Trends
We are looking at the types of advice that we are seeing advisers giving, the differences in consumer behaviour across genders and different age groups, plus the most common disclosures that we see in protection insurance applications.
Cura: Practical Protection Podcast - Protecting the Whole Family
I have Rich Horner from MetLife joining me in our latest episode where we reflect on IPAW 2023 and discuss ways that you can protect your clients that dont sit within life insurance, critical illness cover and IP products.
The Exeter: Do you know your clients top concerns?
Our latest insight takes you through what UK workers think about the cost, value, and importance of income protection and how we can help you have the right conversations with clients to raise their understanding, awareness, and trust in protection.
Cirencester Friendly: Member Case Study
When I decided I should take out an income protection contract, I was enjoying a successful and rewarding career, running my own business in the service industry.
Cirencester Friendly: Increased Underwriting Limits
Following your feedback and our commitment to improving our proposition, Cirencester Friendly are delighted to announce they have increased their automatic Underwriting Limits.What does this mean for you and your clients
Brilliant Solutions: Product Blast
This week brings us an array of product reductions, new product launches, criteria enhancements and select product withdrawals.
Introducing our latest protection partner
We are delighted to announce Cirencester Friendly as our latest Protection partner. With over 133?years experience providing award-winning income protection, we are sure that their adviser tools and supporting content will be popular amongst our ever-growing community.
PDG Response to the FCA letter 20/09/2023, Insurance market priorities 2023 2025
The PDG welcomes the FCAs clarification of what it wants from all businesses serving consumers in the insurance market and supports both their overall intentions and agrees entirely with the Market-wide and Life Insurance specific priorities.
The Exeter: Why is consumer behaviour so different when it comes to income protection?
In times of economic uncertainty, there is arguably no better time to protect ourselves against the unforeseen impact of illness or injury on our ability to earn a living.
Cura: Practical Protection Podcast - Income Protection Task Force
We are joined by the Income Protection Task Force. Their job is to promote income protection to consumers, encourage advisers to engage in income protection conversations more and work with insurers to improve our industry.
MetLife: Cover so simple, a child could use it?
Until now, parents have needed to take out a policy for themselves if they want to protect their children.?But we know thats not always an option.?
The Exeter: Customer service - dont forget the human touch
Whilst the benefits of digital development are widespread - with speed and convenience often being called-out, we must not forget the value of a human touch especially when it comes to service.
NEW from MetLife - ChildShield: a standalone individual protection product for parents
MetLife have recently launched ChildShield a standalone child protection product that can be taken out on its own, or alongside other protection products. It means that for parents who might not have been able to access cover for their children before, theres now another option.
Cura: Practical Protection Pdocast - Kidney Disease
Matt is taking us through the connections between kidney function and blood pressure, how family history of polycystic kidney disease can affect applications and how a GPs perspective of chronic kidney disease can be quite different to an underwriters.
The Exeter: Gain CPD with our latest health & financial fears research
In this years research we surveyed 2,000 UK workers, delving into the ongoing worries and pressures theyre facing, alongside their perceptions of protection products.
Cura: Practical Protection Podcast - Claims Data
We are talking through how much was been paid out in protection in 2022, the successful stats rate of different products, the biggest cause of claims and our thoughts on terminal illness cover too as the stats on these can be confusing.
The Exeter: Supporting your conversations
We're committed to helping experts like you grow your business. That's why we've enhanced our Income Risk calculator, allowing you to co-brand reports by simply uploading your details and logo.
Cura: Practical Protection Podcast - IPTF
We are back with Season 8 of the Practical Protection Podcast and today it is all about income protection. We have Jo Miller, Katie Crook-Davies and Andrew Wibberley joining us from the Income Protection Task Force.
What is the mortgage cover gap and how can it be addressed?
Across the UK, the effects of the turbulent mortgage market have been taking their toll, with new research showing that 64% of those applying for a mortgage in the last year have struggled with stress or anxiety due to the complexity of the process . More than two thirds of those questioned also confirmed that they felt having a broker on hand to support them was essential when navigating the mortgage market. This news will come as no surprise to those whove been supporting customers through the peaks in interest rates over the last year.
YouGov: Are Britons willing to use Buy Now, Pay Later for medical services?
YouGov Surveys data reveals that, when asked, the public are more likely to think its acceptable for BNPL providers to offer patients the option to pay for private medical services than unacceptable (40% vs. 31%).
Brilliant Solutions - Registration for 13th September Live Briefing
Join our Sales Manager, Chris Howse and representatives from Aldermore, Metro and Zephyr for an hour long briefing containing criteria and product updates from these lenders.
The Exeter: Income protection video
Weve created helpful videos for you to use with your clients to explain income protection, life insurance and health insurance.
The Exeter: How to overcome income protection objections in 45 minutes
Join Jamie Page, Head of Protection Distribution at The Exeter, on Thursday 24th November at 10am where hell be discussing the most common protection objections from consumers.
Cura: Practical Protection Podcast - Kidney Disease
We are going through how kidney disease can influence a persons options for life insurance, critical illness and income protection. We are talking about the things that underwriters need to know about your clients kidney disease to give you an accurate indication of terms.
Metlife: Adviser Training
Everything you need to support your learning and development. Join an interactive webinar or book face to face training.