Technology  

More sector innovation needed post-pandemic

This article is part of
Guide to introducing clients to protection

“The pandemic has put many people’s finances in an unexpectedly difficult position and while some have been able to save more in lockdown, many others have been faced with job losses, falls in income and hardship,” says Rich Horner, head of individual protection at MetLife.

He adds that there has been a significant increase in the number of people seeking financial advice: “This is a sensible decision as financial advice can make a big difference to how people think about their futures.

"It can help them better understand how to protect what is most important to them via valuable insurance policies. If the last year has taught us anything, it is just how unpredictable life can be.”

Mortgage protection is also in need of some post-pandemic innovation. A busy mortgage market, spurred on by the easing of restrictions, has increased the demand for protection cover and the need for robust, future-proofed training.

Jeffries says: “Improving the training available to advisers should be front of mind for providers and distributors alike. Some existing brokers may be looking for training in a specific area of the market, while the new generation of advisers may need support when it comes to kicking off protection conversations with customers.”

Already, artificial intelligence and machine learning are permeating the protection market, and it would be fair to assume that the decentralisation of work and the explosion of interconnectivity will further accelerate the change, creating opportunities and challenges for advisers for years to come.

Tom Higgins is a freelance journalist