Expert insight, analysis and commentary across the entire protection industry.
by ProtectionReview 22/10/14 Category: Comment
It must be political party conference season again… or maybe there is an election looming? How can we tell? Well, there is the array of unfortunate photos of party leaders on the front pages looking like competitors in some kind of ‘gurning’ competition, but there is also a lot of ‘news’ regarding Inheritance Tax (IHT). IHT is a political weapon that punches above its weight when it comes to creating headlines, but also in nudging the political agenda this way and that – I recall vividly when the £1m level was first floated back in 2007, it was enough to…
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by ProtectionReview 07/10/14 Comment
So what do we think about auto-enrolment for group income protection? Surveys are being conducted, think tanks are thinking and the specialist HR and benefits media have found another topic to write about. And of course, employers via trade organisations such as the CBI or local Chambers of Commerce will be saying NO, too soon after pensions and too expensive and not our role anyway!! But we really are only at the stage of raising this as a proposition. Let’s not get bogged down in issues of affordability, complexity, responsibility. The mere fact that is has been suggested at all…
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by ProtectionReview 08/08/14
Getting the most out of the growing group risk market In the context of financial provision for the public overall, group risk business is very important. Yet, with a few worthy exceptions, our industry treats group business as a poor relation. The pace of product development in the group market doesn't compare to its individual cousin. Why is that? Is it because group risk is a small slice of our business? Not at all. Around 40% of all UK life cover is provided by group schemes and, for IP, this is a huge 75%. Income protection is clearly the…
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by ProtectionReview 08/07/14
There has been an unusual play showing recently at the Donmar theatre in London, unusual not least because you are actively encouraged to keep your phone on. The play, Privacy, is part drama, part teach in, on the amount of data on ourselves we freely make available, knowingly or otherwise. Big screens behind the cast flash up details gathered from the phones of those in the audience - the theatregoers are told where they have been for coffee recently, what countries they have called and more. As the theatre website says, 'Privacy explores how governments and corporations collect and use…
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by ProtectionReview 07/07/14
This is an ongoing debate, and it isn’t as black and white as some may portray. But that’s how as an industry we’re trying to approach it – Direct-to-consumer is cut back cover, inferior definitions and cheap, versus the gold plated benefit and feature rich cover that can ‘only’ be sold with advice. Richard Verdin was quoted in the Financial Adviser (29/05/14) saying ‘Direct-to-Consumer products need to be off the shelf and complement advisors offerings’ …. ‘Insurers need to stop modifying existing advisor sold products and start selling products that complement advisor offerings, like an off the rack M&S suit …
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