ProtectionMar 23 2021

How to update your protection proposition

  • Describe how the insurance market is evolving
  • Identify the industry's approach to mental health
  • Explain why non-medical limits have been increased on income protection
  • Describe how the insurance market is evolving
  • Identify the industry's approach to mental health
  • Explain why non-medical limits have been increased on income protection
pfs-logo
cisi-logo
CPD
Approx.30min
pfs-logo
cisi-logo
CPD
Approx.30min
twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
pfs-logo
cisi-logo
CPD
Approx.30min
How to update your protection proposition
Pexels/Pixabay

While these mainly show comparative premium rates, some may ask whether these portals delve deep enough to show us the insurer propositions in their entireties and allow the profession to dissect and compare the integral components of various policies. I suppose this is where we come in.

The Insurance Distribution Directive asked the industry to be more active in its approach, to strengthen the confidence of consumers in insurance and to raise the level of minimum standards of insurance distribution.

Amid this plethora of change, insurance Business Development Managers are developing relationships with individuals who head up the business development or propositions team within financial planning firms.

This relationship becomes a strategic partnership and, in my view, is now one of the most important relationships in any firm. Developing a symbiotic relationship with a BDM and being mutually invested in the other to extract, negotiate, analyse and secure the best proposition for your clients, and one that is truly applicable to and complements the demographic and target market of your client base, should be at the forefront of the proposition’s strategy.

If nothing else, I implore you to make use of all BDM’s expertise to solidify and pandemic-proof your protection proposition and understanding of the intricacies of each product to remove any ambiguities.

Perhaps we should look to the title of Captain Tom Moore’s autobiography that “Tomorrow Will Be A Good Day” in recognition that we are adapting, rebuilding, and learning from the countless lessons that we learned last year, and will no doubt continue to learn well into 2021, even if Zoom and Skype is the digital glue that is keeping us together while we do this.

Christina Melling is head of propositions at a financial advice firm

PAGE 4 OF 4
CPD
Approx.30min
Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.
  1. Barely any insurance policy has a mental health and wellness benefit, true or false?
  2. Which of the following is NOT a vital factor that advisers should consider when considering an insurance policy?
  3. How has the market shifted from basic recuperation, in insurance policies?
  4. According to the L&G report in 2014,, how many days would people have on average if they stopped working before the money ran out?
  5. According to LV, how much a month are the under 35s willing to spend on income protection?
  6. Why have providers increased their non-medical limits on income protection?
  7. To bank your CPD you must sign in or Register.