ProtectionMay 8 2013

Ageas unveils business protection proposition

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The protection provider’s managing director said Ageas Business Protection, which was launched 2 May, would provide businesses “of all shapes and sizes” with financial support should a crucial member of their company die or become critically ill.

Mr Spriggs added that the range offers a suite of products including term assurance or critical illness with term assurance for a nominated key person, business loan, shareholder or partnership, in addition to access to the Best Doctors medical case review service.

The range also allows intermediaries to submit applications and trust deeds online, and offers a range of support documents for advisers, including information guides, calculators and sales aids available to intermediaries.

He said: “Most businesses buy insurance to cover the things they consider vital to business continuity, such as buildings, stock and equipment.

“But their most vital asset is their people, so it makes sense to offer businesses a flexible product that covers their key personnel and helps them plan for all eventualities.

“We’ve been working hard to make sure we offer intermediaries a wide range of products, which are supported by our flexible underwriting, online capability and technical support.”

Best Doctors

Customers who take out life assured policies through Ageas are able to benefit from the provider’s tie-up with Best Doctors.

The service provides a second medical opinion on the diagnosis and treatment of serious conditions, and currently has partnerships with a number of other insurers including Canada Life and Friends Life.

Customers using Best Doctors don’t have to make a claim before seeking a second opinion, and the service is open to individual members, their partner and dependent children.

Dominic Howard, director at Best Doctors UK, said a significant number of patients in the developed world experienced an error in medical diagnosis, adding: “What Best Doctors does is offer a definitive medical opinion from one of 50,000 leading medical experts based around the world.”

Mr Spriggs added: “Our partnership with Best Doctors offers significant added value to our policy holders. It is available for business protection customers, and we hope to develop the proposition even further in the future.”

Adviser view

Alan Lakey, partner of Hertfordshire-based Highclere Financial Services, said: “It’s clear that the arrival of Steve Casey as head of marketing and propositions has highlighted some of the weaknesses in Ageas’s propositions. He has helped point the business in the right direction and positioned it nicely to get extra business from advisers.

“Having personally visited the Best Doctors office in Madrid, it is invaluable for the small percentage who need it, however there are cost implications for having such a service.”