Expert insight, analysis and commentary across the entire protection industry.
by ProtectionReview 06/03/12
GET THE STORY RIGHT – THE CUSTOMER ISN’T STUPID When we put too many electronic barriers between the organisation and the customer, and the financial services sector is among the best at that, we need to be sure that those barriers are staffed by those who care, that they are empowered and are able to talk to people in the other barriers: sorry, my language is wrong, I should have said ‘points of contact’ or ‘stations of involvement’, it’s just that everyone I talk to feels that they are barriers. I write about this now because it is fresh in…
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by ProtectionReview 28/02/12
I would like to use this blog to ask a challenging question of the group protection industry. Why does the group risk market still inhabit the technological dark ages when it comes to placing and renewing cover and obtaining quotes? Space 01 has been researching the market with brokers. From what we have seen, generally brokers obtain the required information from the employer, clean it, and then usually email the information on an excel spread sheet to the relevant providers. They can then wait a very long time for a quote and longer still to put a scheme on risk.…
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by ProtectionReview 07/02/12
Whenever I’m out and about amongst industry folk and find myself being enticed with a beer or two to share views from the coal-face, I am often amazed at how little the people who I frequently and fondly refer to as the “important decision-makers in the industry” understand what life is like for us over-worked and underpaid IFAs. Ahem. OK, whatever we claim to be and whatever you think of us, we can all agree that most IFAs are at least opinionated. Despite this truth, it is surprising that there really do seem to be barriers to information flow between…
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by ProtectionReview 23/01/12
January – the month of Janus, the Roman god who had one face on the back of his head looking at the year past, and one face looking forward to the future. For many, it’s the season for introspection, “new year; new you”, and resolving to do things differently. And for the protection industry, that may be truer in 2012 than ever before. Looking back at 2011, Greek intransigence put the Eurozone on a precipice, and has likely pushed the economy backwards. This is probably the most significant event for financial services in general, and will continue to be…
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by ProtectionReview 23/01/12
With all the changes going on in welfare reform and with income protection appearing to be one of the early targets for the simple products initiative, things should be looking up for this under-sold product….but only if the industry feels it can be confident of a profitable return. One of the key financial issues in producing a profitable return is the duration of claim and the impact this has on reserves – longer than expected durations are bad news for a portfolio. With all this in mind, it was good to attend a meeting covering the latest research in this…
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