Advisers want tailored protection products

Ryan Bembridge

August 8, 2017

Advisers are seeking personalised protection products covering common conditions or specific customer types, iPipeline research has found.

Nine in 10 (90%) advisers want to see products for conditions such as diabetes, cholesterol and blood pressure, while two thirds (67%) want products for groups like the self-employed, renters or new parents.

Paul Yates, product strategy director at iPipeline, said: “These results suggest we are entering the age of personalisation in protection.

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“With insurers making great advances in technology, enabling new segmented products to be developed cost effectively, we’re already seeing some interesting developments in the personalisation of protection solutions.

“Quicker, clearer and more accurate quotes and process sign-posting, tailored to specific conditions with no surprises in either the cover or the premiums, will undoubtedly help clients make more informed decisions.”

Ian Sawyer, managing director of Assured Futures, said: “It is often more important for people with ongoing medical conditions to consider protection products, and yet they are often the ones penalised the most by a one-size-fits-all proposition.

“Products that address the barriers to uptake for these groups – mainly cost and transparency – and those that can adapt to the ongoing effects and improved medical support for certain conditions, would significantly alter the protection landscape.”

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