What are advisers talking about on Protection Forum - Recap.
09 September 2021
09 September 2021
Following the June Protection Forum meeting, we’ve pulled together all the transcripts from our two most recent forums.
Our monthly Protection Forum is an opportunity for advisers, insurers and other industry professionals to come together and share ideas, offer opinions and discuss a wide range of important topics. One particularly interesting and timely discussion on our July forum was the upcoming FCA Consumer Duty, with some excellent viewpoints offered by Johnny Timpson and Robert Sinclair. Back in the June meeting we focused on a number of issues, from how best to promote protection to consumers, to the impact COVID will have on income protection products and sales. In this ‘7 things you should read’, we’ve pulled together all the transcripts from our two most recent forums.
- How will the new FCA Consumer Duty impact advisers? (July Protection Forum part 1)
- Improving standards in the protection industry (July Protection Forum part 2)
- Supporting consumers (July Protection Forum part 3)
- Getting the protection message out (June Protection Forum part 1)
- The value of support services (June Protection Forum part 2)
- The impact of the pandemic on protection (June Protection Forum part 3)
- Income Protection in 2021 (June Protection Forum part 4)
This is the first post in a series bringing you the great conversations from our July Protection Forum. In this section, Johnny Timpson and Robert Sinclair from AMI explained the new FCA Consumer Duty, how it came about, and how it will affect the protection community. Johnny urged everyone to pay close attention to this consultation and advised that the FCA had found that only 35% of consumers felt that financial professionals were acting in the best interest of their clients. Robert focused on how the FCA are looking to change the way firms should be thinking about customers and how they put their service proposition together.
In this section, Johnny Timpson and Robert Sinclair answered advisers’ questions about what the FCA Duty does, how it will affect advisers, raising standards in the protection industry, and how to create lasting change.
Read the discussions around the new FCA Consumer Duty, and how the protection community better support its consumers. We covered how there’s more that needs to be done at a firm level when it comes to helping clients make a claim, annual statements, claims processing and how long firms have to adopt the new Consumer Duty.
This is the first post recounting the excellent discussions from our June Protection Forum. This section focused on how the industry can better promote the importance of protection to general consumers, including using new media to engage with customers, raising awareness and how more assistance is needed from insurers and changing the rhetoric around insurance as a “grudge purchase” to something that consumers can see value from in their daily lives.
This is the second post in our series - this section of the discussion looked at how support services are making protection more relevant for a wider population, and how promoting them is helping advisers get more people covered.
Our attendees talked about how COVID has impacted claims, and the increase in long-COVID related claims. The discussion also examined how fluctuating incomes, among the employed and self-employed, need to be addressed by insurers in their income protection policies.
This is the final post in our series - in this section, attendees discussed PMI, helping advisers sell protection, and putting the focus on rehabilitation and value-added services. The need to change income protection so its fit for purpose and whether the broad range of products available cause confusion.
Look out for future “Everything you need to know” articles where each week we will cover a different topic and provide you with the information you need to know to discuss the topics with your clients.
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), Society of Claims Professionals or Chartered Insurance Institute, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the Society or Chartered Insurance Institute.