To ensure the group IP market consolidates its position, intermediaries must wean themselves off re-broking and focus on generating new business. Peter Madigan reports
The employee benefits market is notoriously competitive. Protection products have to compete against company cars, extra holidays and a raft of other perks for a cut of an employer's staff benefits budget. In this race however, group income protection (IP) appears to be losing the fight for a seat at the table. According to Laing & Buisson, 2003 saw the first ever annual decrease in the number of lives insured under group IP with 8.6% of subscribers dropping out of the market, which translates as 155,000 lives. Despite this disproportionately large fall in subscribers, the number of IP sch...
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