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Industry collaboration key to protection success – First Complete

  • 31/08/2016
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Industry collaboration key to protection success – First Complete
The industry needs to work together to capitalise on the higher amount of protection cover bought in 2015, with individual policies in force up 2%.

The rising number of individual policies to 1.15m is the first increase since 2007, according to Association of British Insurers (ABI) figures, with group policies also up 3%.

The uplift is thought to be driven by the successful Seven Families Campaign run by the Protection Review, the ABI’s work with the Money Advice Service (MAS) and the income protection fear surrounding Brexit.

Mortgage and protection network First Complete said to improve and grow, the market needs to unite to promote the advantages that this type of protection provides.

Insurers need to communicate more clearly and regularly with clients, said the network, to discourage cancellations and explain the risks of not having the cover effectively.

It also suggested writing terms and conditions in plain English and educating brokers on the product solutions available through fact sheets, advertising, webinars, and other tools.

Steve Berry, protection manager, First Complete, said: “We are at risk of letting all the good work carried out by the Seven Families campaign go to waste. Whilst these improvements may require the insurance industry to change, we must understand the benefit to the customer and broker of simple clear messages covering the importance of protection and the key benefits it provides.”

He added: “It would be great to see the big insurers taking out prime time advertising on TV to promote the importance of protection to consumers. At the same time, let’s work with advisers and go back to basics by truly educating them on the importance of protection. Above all else, let’s work as one rather than as individuals to finally give protection the attention it has needed for so long.”

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