Bulletin 02, 2007
Round up
3 - the number of life insurance rate changes since the last bulletin, Scottish Equitable, Liverpool Victoria and Royal Liver
8% - the rise in new life insurance and protection business reported for 2006 by Friends Provident this week
85% - the number of intermediaries who believe that a 5% rate cut across the board for life insurance and protection would have no impact on the number of policies sold, according to CWC Research
£98,383 - our average sum assured for critical illness cover
£144,941 - our overage sum assured for life insurance.
LifeSearch Awards 2007
Our fourth annual awards event will be held on Weds 21st of this month. If you have not received an invitation and would like to attend just reply to this email.
This year’s shortlisted life insurance offices are shown in full at the bottom of this bulletin.
Cover poll
Last month’s survey asked ‘Following the announcement in the PBR that Pension Term Assurance may be scrapped in this year’s budget, will this further exacerbate consumer’s distrust in the sector?’
86.4% of respondents said YES.
This month’s survey asks ‘Will LifeSearch’s decision to team up with ASDA help make consumers more aware of the need for life insurance and protection advice?’
Comment of the week
"There are certain aspects of life insurance and protection products that the public doesn't seem to get and I think that is driving the increase in volume (of complaints). The sort of moral judgement you can apply to motor or household insurance doesn't seem to persuade them when it comes to life insurance and protection disputes and they just feel hard done by. There is no doubt that most people we see would have been better placed if they had gone to seek expert advice. There is a lot of misunderstanding about life insurance and protection products among people who buy them. Therefore, there should be a market for expert advice.”
Peter Hinchliffe,
Lead Ombudsman for General Insurance
Heroes of the week
Liverpool Victoria
Who this week launched a free independent health assessment tool and lifestyle programme to life insurance and protection policyholders.
The free online health assessment service ‘Healthy Steps’ has been launched in partnership with independent health services specialist Roadtohealth Ltd.
The development includes a free online health assessment, designed to provide a personalised health profile, a written report together with an action plan aimed at maintaining and improving health and wellbeing, online access to practical information about health and wellbeing issues and an individual online health record.
Aegon Scottish Equitable
Who this week took sponsorship to a new local level by announcing that it will co-sponsor the Opera in The Park in Benenden Village, Kent, this July with life insurance and protection consultancy CrossfieldCommunications Ltd.
Villagers attend a picnic and are entertained by a mobile opera company and offered free stress-busting Indian head massages. Edmund Tirbutt, director of CrossfieldCommunications Ltd, says "This is a brilliant way to spread important messages about life insurance and protection and stress related illness. Aegon is literally facing the music when it comes to closing the protection gap!"
LIFESEARCH PROTECTION AWARDS 2007 – The shortlists
1. Best Life Insurance Service Provider
LEGAL & GENERAL
FRIENDS PROVIDENT
ROYAL LIVER
2. Best Critical Illness Provider
AXA
BUPA
LEGAL & GENERAL
3. Best Income Protection Provider
PIONEER
LIVERPOOL VICTORIA
FRIENDS PROVIDENT
4. Best New Initiative in life insurance and protection
ROYAL LIVER
LEGAL & GENERAL
LIVERPOOL VICTORIA
5. Best Life Insurance Company Underwriting Team
FRIENDS PROVIDENT
LEGAL & GENERAL
ROYAL LIVER
6. Best Individual Impact
CHRIS TOTTY – LEGAL & GENERAL
IAIN CLARK – LEGAL & GENERAL
NICK ERSKINE – ROYAL LIVER
ANDY MILBURN – ROYAL LIVER
ANGELA O’GRADY – FRIENDS PROVIDENT
JON BOURNE – LIVERPOOL VICTORIA
GIO SARTORI – NORWICH UNION
TONY MARREN – NORWICH UNION
DEBBIE SMITH – ROYAL LIVER
MIKE FARRELL – ROYAL LIVER
7. Best Life Insurance Company E-commerce Provider
LEGAL & GENERAL
FRIENDS PROVIDENT
ROYAL LIVER
8. Best Working Relationship with a Life Insurance Company Press Office
ANDY MILBURN, ROYAL LIVER
MARK LOCKE, SCOTTISH EQUITABLE
NICKI LUNDY, BRIGHT GREY
9. Best Trade Publication for Life Insurance and Protection News and Features
The shortlist includes every trade publication that includes protection.
10. TCF Award
ROYAL LIVER
LEGAL & GENERAL
FRIENDS PROVIDENT
11. Most Improved Life Insurance Provider
NORWICH UNION
ROYAL LIVER
LEGAL & GENERAL
12. Best Overall Life Insurance Provider
ROYAL LIVER
LEGAL & GENERAL
FRIENDS PROVIDENT
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