Key figures in the income protection market have reached a consensus on the issues which must be addressed to improve sales and increase awareness of the product.
The Association of British Insurers’ (ABI) Protection Committee held a workshop on Friday which was attended by key IP figures such as Peter Le Beau, founder of Le Beau Visage, Kevin Carr, head of protection strategy at Lifesearch, and Bob Cheesewright, group risk marketing manager at Friends Provident.
Nick Kirwan, head of the Protection Committee, says people at the workshop realised there was no one thing which could tackle the problems inherent in IP and a range of issues needs to be addressed.
As a result, the group agreed there are five areas to tackle:
- Getting across the message about the need for IP so consumers understand it better and advisers have the necessary tools;
- Simplifying the transaction so it is easier to compare products and quotes;
- Clarifying the proposition;
- Addressing IP in the wider context of regulation, social security benefits and mortgage payment protection insurance (MPPI); and
- Raising the standards of advice.
The committee has assigned people to each of the five areas and Kirwan hopes they will continue to build on the issues raised and “keep the enthusiasm going”.
He states: “What is different today compared with last Thursday is there is not just a whole lot of things we ought to do. Instead, we have build a wide consensus among key figures in the industry.”
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