Protection Watch...with Kevin Carr

What Kevin Carr made of developments in protection this month.

It’s been another busy month in the world of protection. Here’s my take on the issues that matter to advisers.

New blood

One of the most common complaints about industry awards (in fact, any awards) is that the same people always win. Sometimes of course that is exactly what should happen – the best should win regardless of whether or not they have won before. However, it is really refreshing when new companies and new advisers rise to the top and claim the glory.

This is what happened at the recent COVER magazine awards, where firms such as London & Country and Masons Financial Planning won gongs for the first time in protection.

Verdict: promising lead

IFA surveys

Memo to life offices that send out IFA ‘surveys’ via email: Think again. I talk to IFAs all the time and they are unwelcome. In fact, they are widely frowned upon, regardless of the content or the vouchers made available.

IFAs are not there to fill in endless life office surveys and their hourly rate is typically much higher than the vouchers on offer. Advisers receive dozens of emails from life offices every day, and usually the response is to delete without reading them. If we want to know what they think, let’s speak to them. Should any life offices base decisions on survey responses, be very aware of the pool of respondents.

Verdict: back to the lab

Policy management systems

The latest gathering of F&TRC’s Protection Forum has called for provider new business systems to continue beyond the start date of a protection policy.

This could mean that rather than an online application system effectively ceasing on the policy start date, it would remain open for the lifetime of the policy, potentially enabling additional ongoing functions including annual cover statements, policy summaries, policy documents, change of address notifications, trust details, taking GIOs (guaranteed insurability options) and amending a client’s cover. There’s a cost implication here, there always is. But if providers really want to improve persistency, this wouldn’t half help.

Verdict: promising lead

Independent protection training

The best thing about this joint PFS and Protection Review initiative is that attendees are free to say what they like. No restrictions. Plus the media is not allowed, so people feel comfortable to speak openly, which makes for some lively debate.

The first sessions were held in London recently with hundreds of advisers attending. The sessions are aimed at anyone in the protection market and begin with the basics before moving on to cover more technical product areas as well as overcoming objections. Contact Protection Review for details on future sessions.

Verdict: promising lead