News
G-day boosts Royal London’s protection sales by 23%
The protection businesses of Royal London, Bright Grey and Scottish Provident, saw a 23% increase in new business during 2012, which it attributes in large part to the gender directive.
The group increased its premiums to £482m from £393m year on year.
G-Day, or the Gender Directive, was the result of a ruling from the European Court of Justice stating that from the 21 December insurance companies would not be able to charge people different amounts based on gender.
A breakdown of the sales figures across the year also saw a significant increase in the number of women buying life policies with increases of 95% and 52% year on year for Scottish Provident and Bright Grey, respectively.
Managing director of Bright Grey and Scottish Provident, Roger Edwards, said: “As a result of our Gender Directive push we received a huge boost in business and we’re determined to use this as a springboard to continue the momentum into 2013 to make this year even more successful.
“The significant pick-up in sales showed us that when the industry comes together to raise awareness and align its messages, it can make a real impact on consumer behaviour.
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“Of course it helped that there was a hard deadline, coupled with a desire to beat a price increase, but the lessons are very clear.”