White Paper: Protection Review’s first Summit recommends 5 actions for critical illness cover growth
We've launched a White Paper describing 5 steps the industry should take to grow the critical illness market.
Written after the recent Protection Review Summit in London on 13 October, the White Paper summarises the debate and sets out the recommendations from the discussions.The first Protection Review Summit delivered 2 hours of positive straight talking about the future of critical illness cover. It wasn’t a talking shop as events like this can be. It was an action-oriented event where everyone was constructive, added value and focussed on customer outcomes.
The 5 steps we’ve included in the White Paper could lead critical illness cover back into growth. We look forward to working with providers, advisers, and reinsurers to put these recommendations in place.
Here are the 5 steps - click here to download the full White Paper.
- Simplify critical illness products by grouping conditions together into categories.
- Develop more niche products like AIG’s Key3 to make the product more attractive to different customers.
- Reconsider hybrid critical illness/income protection products and ensure it wouldn’t be penalised by the portals for being different
- Generate more positive stories to overcome public perception that we don’t pay claims
- Take the focus away from the headline of cheap prices on portals and try and be more inclusive for people we now consider to be impaired lives, who 20 years ago would have been standard risks.
Thanks to our speakers Vicky Churcher (AIG), Emma Thomson (LifeSearch), Alan Lakey (CIExpert) and Roy Chappell (SCOR). Here's a short video of the main points they made in their speeches (apologies for the slight fluorescent light flicker in the video).
And for the full White Paper - click here to download.
We'll be running the next Summit in February 2017. Get in touch if you want to partner with us.
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