This follows the association’s five point plan which was published last year and aimed to drive progress in the protection sector.
AMI said it would collaborate with its internal industry working group, Legal and General, Royal London and the wider sectors to come up with ideas on how to tackle the challenges raise by its Protection Viewpoint.
It held an in-person protection workshop in April, and the recommendations from this event helped to shape the recommendations which have now been published.
Suggestions include creating independent advertising campaigns to highlight the importance of protection and protection providers educating advisers on how they can raise the topic when advising. It also proposed considering pre and post-sale communications or advisers using their own experiences to advocate for protection.
The document aims to cover mortgage and protection intermediaries, insurers and technology providers. It is available here: https://www.a-m-i.org.uk/wp-content/uploads/2023/06/AMI-Protection-Workshop-2023-summary-of-ideas.pdf
Shifting the dial
Stacy Penn, senior policy adviser at AMI said: “The Five Point Plan was a key part of last year’s protection Viewpoint and, nearly eight months on, we wanted to provide a progress update to the wider industry. The ideas document released today is one area of this work and is designed to spark new ways of thinking and generate discussion within firms.
“AMI has a list of action points from the workshop and looks forward to working with other industry stakeholders to help shift the dial in the protection space.”
Jennifer Gilchrist, protection specialist at Royal London, said AMI’s original Protection Viewpoint was a great way to work towards improve processes and adapting practices.
She added: “The implementation of Consumer Duty will help to shift the dial by including protection as part of the holistic advice conversation – ultimately enhancing its profile. As part of that we’ll also see greater emphasis on often overlooked elements like writing policies in trust and the completion of beneficiary nomination forms, all of which will help increase confidence in the industry.
“Since the publication of AMI’s Five Point Plan, we’ve continued to listen to advisers and provide support in areas that they said they would appreciate it most. One of those areas is understanding the power of claims statistics and case studies that bring to life what we strive to do on a day to day basis – supporting clients when they need it most. There is no better way of demonstrating the power of protection than by showcasing the benefits of what we do through real-life customer outcomes.”
