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Less regulation is what is needed, not more
Issue of the month
The protection industry is in danger of falling foul of the new mood for intensive regulation. All agree that consumers need more of what we sell, not less, and to flourish, the protection industry needs less, not more regulation. More draconian measures, such as the total premium requirement and the RDR, are the last thing our industry, or the consumer, needs.
Round up
5 – number of rate changes since the last bulletin (AEGON, Friends Provident (x3), Scottish Provident) 5.45 – the number of minutes and seconds it took for Sean Penn and Kate Winslet to make their acceptance speeches at the Oscars. Hector MacKenzie of the Ross-shire Journal guessed closest with 4 mins 05 secs and won a top-notch digital camera in last month’s journalist competition as a result.
12 - the number of positive protection stories we spotted in the consumer press since the last bulletin.
32,812 – the value of a mum in £ according to Legal & General’s recently published research
Case study of the month
Client: Mr Foster
Needs: the client is a diabetic and wanted £180,000 of Mortgage Protection cover but was finding it extremely difficult to find any due to his health issues
Our recommendation: he was originally declined by Legal & General so, instead, our adviser placed him with AXA who accepted his application with a rated premium. The client was delighted to have finally found financial protection.
(If you need a case study, feel free to get in touch and we’ll find one for you).
Heroes of the month
AXA, Royal Liver, Pioneer, PruProtect, Legal & General and Cover Magazine…
…who all picked up trophies at this year’s annual LifeSearch Awards held on March 18th. However, the industry as a whole can give itself a pat on the back. Despite the terrible economic forecast the industry seems to have an appetite for the challenges ahead and, while there are areas that can still be improved, there are also plenty of positives too, both for the industry and for consumers.
John Lappin…
…who stepped down as Editor of Money Marketing this month. He’s been an accurate and clear voice of reason across all parts of the industry for as long as anyone here can remember and we wish him all the best for the future. Our best wishes also go to his successor, Paul McMillan.
The 2009 LifeSearch Award Winners
- Best Service Provider
Winner: AXA
- Most Improved Provider
Winner: Royal Liver
- Best Critical IllnessProvider
Winner: AXA
- Best Income ProtectionProvider
Winner: Pioneer
- Best New Initiative
Winner: PruProtect
- Best Underwriting Team
Winner: AXA
- Best Individual Impact
Winner: Naomi Greatorex - AXA
- Best Ecommerce Provider
Winner: Legal & General
- Best Trade Publication for Protection
Winner: Cover Magazine
- TCF Award
Winner: AXA
- Best Marketing & Communications
Winner: AXA
- Best Engaged Provider CEO
Winner: Martin Werth - Fortis
- Best Overall Provider
Winner: AXA
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