Industry debates good practice on gender
The Finance & Technology Research Centre has called for feedback on its good practice statement for insurers ahead of the implementation of the EU Court of Justice’s Gender ruling.
Last year the ECJ ruled that insurance companies could no longer charge separate rates for insurance for men and women.
It will likely mean higher life insurance rates for women but not necessarily lower rates for men.
Insurers have until 21 December 2012 to cease rating by gender.
Finance technology firm F&TRC agreed at its most recent meeting in March to build a draft statement of good practice on the subject of gender neutralisation for protection policies.
It included a list of adviser requirements to help ensure their customers were treated fairly throughout the transition.
The draft statement has now been put out to the industry for wider adviser consultation ahead of agreeing a final good practice guide later this month.
Michael Aldridge, sales director and protection specialist at London & Country, said: "Gender neutral pricing will make a significant difference to the prospects of the adviser community this year and indeed the next.
"The rewards are there for those who understand it and embrace it, on the flipside the risks of ignoring it are equally substantial and with a raft of legislative changes all converging upon us at once it's not unrealistic to see how it might become overlooked by some.
"To this end any support the providers can offer to advisers will be very warmly received."
Ian McKenna, managing director of F&TRC, said: "We met last month and it soon became clear that the key issue on insurers' minds was making sure the impacts of the ECJ gender ruling are properly managed.
"We have built a draft list of requirements for insurers to consider and welcome any additional feedback from across the protection industry in the coming weeks."
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