ProtectionJul 10 2014

‘More needs to be done to fill insurance gaps’

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Speaking at London’s Landmark Hotel, which was hosting the annual Protection Review conference, the new business origination manager at Swiss Re, said providers were too far removed from “the real world”.

He said: “Providers are often stuck in concrete towers locked away from the real world” so it was no wonder the industry had an issue with trust.

Mr Krzewina added that a peer-to-peer model might help “restore” trust.

His comments came as part of a panel debate on ethics, reputation and trust, hosted by Protection Review’s Kevin Carr that included Jo Causon, chief executive of the Institute of Customer Service, and David Heeney, chief marketing officer for reinsurer Pacific Life.

They were responding to a question from Mr Carr, as to why the industry and advisers were “obsessed” with perfection, yet consumers still “perceived the industry with distrust”.

Earlier at the conference, Christine Husbands, managing director of Red Arc Assured, said that consumers needed more than just money, so the protection industry had to move away from a focus solely on lists of conditions, declinature rates and premiums.

Ms Husbands said: “Financial aspects are just a small part of the difficulties people face when they or a family member become seriously unwell, and insurers should be doing much more to support their policyholders. And then those that do,should really shout about it.”

She pointed to evidence from Red Arc’s patient surveys over the past two years, in which 92 per cent of users said that their experience of using Red Arc had enhanced their view of the sponsoring insurer.

She added: “Having heard for many years that this industry needs to transform, my challenge is take the opportunity to delight customers when they most need help. More insurers need to embrace offering additional services, go that extra mile and be recognised as responsible contributors in today’s society.”