Advisers have been urged to signpost protection customers to those that can serve them to improve consumer outcomes.
Speaking at a Protection Review event today (July 9), Tom Baigrie, CEO at life insurance broker LifeSearch, urged advisers to promote Biba's initiative on signposting and to refer customers they are unable to help to advisers who can.
In January 2020 the British Insurance Brokers Association (Biba) launched a voluntary agreement on access to protection insurance for people with pre-existing medical conditions and disabilities.
Under the agreement, providers will signpost customers that they cannot help, because of a medical condition or disability, towards a firm that can.
Mr Baigrie said signposting “provides a place to which anyone can send a protection customer that they can’t, or don’t, want to help. Signpost right, and the customer gets through to advisers who can help”.
Directing advisers to Biba’s online ‘Find Insurance Service’, Mr Baigrie said while the primary aim of the service was to help those with pre-existing medical conditions find a specialist adviser, the service worked “just as well for any protection enquiry that any financial services person can’t, or doesn’t, want to deal with”.
Mr Baigrie said the free service meant there was “no excuse for anyone to not signpost a customer who needs protection to somewhere where they can get it”.
According to Biba its service received 600,000 enquiries last year.