Planet Insurance: The downfall of the IP Quality Mark

clock

I write with regret that the income protection (IP) quality standard (QS) has been abandoned.

First, it is worth recapping on the concept. Originally, the IP Task Force White Paper proposed a “quality mark” (we now use the term “quality standard”) for IP products. Karin Lloyd and I carried out a feasibility study with four insurers to create a QS framework which would meet consumer needs and eliminate, as far as possible, consumer detriment issues. The four insurers that supported us were (in alphabetical order) Cirencester Friendly Society, Exeter Family Friendly, Friends Provident (now Friends Life) and HSBC. I would like to put on record my gratitude for their support. Our ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Listen and learn: Protection must change how it communicates

Listen and learn: Protection must change how it communicates

'Maybe it's time we start to make fewer assumptions'

Kevin Carr and Alan Lakey
clock 30 April 2024 • 4 min read
Cognitive biases in advice and the psychology of insurance

Cognitive biases in advice and the psychology of insurance

A look into client decision making and its effects on protection uptake

Jaskeet Briah
clock 25 April 2024 • 5 min read
Aviva completes £460m acquisition of AIG Life after CMA delay

Aviva completes £460m acquisition of AIG Life after CMA delay

'It's disappointing to lose another protection insurer from the market'

Cameron Roberts
clock 10 April 2024 • 2 min read