Planning began in April when First Complete realised the impact the gender directive could potentially have on its network members both from a strategic and growth perspective.
Steve Berry, protection marketing manager at First Complete, said: “This is a big change for the protection market. It is our responsibility to ensure everyone in our network understands how the directive will impact on their clients and their own businesses and has the knowledge they need to succeed.”
The network has identified that there are real opportunities to increase protection sales but there is a requirement for education and planning so the needs of both existing and new clients can be met.
First Complete has worked closely with protection providers to ensure its brokers know what the providers are doing in the lead up to G-Day and the likely cost implications.
Indications are that, even though there will be some savings to be made, the G-Day changes along with the new I-E tax implications could raise costs by 30-40% in some instances.
First Complete said once the 20th December arrives any case that has not reached completion is likely to need to be repriced.
The tools provided by First Complete include letter and email templates, links to providers’ sites and a checklist with hints and tips about who to see, the conversations to have and how to maximise cover at today’s rates.
Berry added: “Our latest broker sentiment survey confirms that a third of brokers expect the biggest part of their business to come from protection as they work to beat the deadline and ensure their clients are covered before the prices go up. Our members are good at what they do and we’re doing everything we can to help both before and after the deadline.”