Current Issues in the Protection Market and Some Recent Innovations Jason Hurley Head of Sales and M

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Current Issues in theProtection MarketandSome
Recent InnovationsJason HurleyHead of Sales
and Marketing RGA UK
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Current Issues in theProtection MarketandSome
Recent InnovationsJason HurleyHead of Sales
and Marketing RGA UK
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Market Development
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Source Lifesearch
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Source Lifesearch
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Source Lifesearch
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Non-Disclosure
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Claim Decline Rates
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Policyholder ejected from Standard Life
AGM Nicola York in Edinburgh - 29-May-2007 A
policyholder had to be forcibly ejected from
Standard Lifes AGM after causing a disturbance
by handing out leaflets to shareholders and
shouting before the meeting was due to
commence.Barry Trott was protesting about
Standard Life having not paid out a 200,000
claim on his critical illness policy and handed
out copies of correspondence between the life
office and Trott detailing his battle to receive
a payout.
When my 47 year old husband Nikolai was dying of
cancer last year he had no doubt that we would be
provided for on his death because he had taken
out life insurance with an apparently reputable,
big brand firm and had been entirely honest and
meticulous when completing the application. Thank
God he never knew what so few of us do the
proposal forms we blithely filled in were riddled
with pitfalls which give companies every possible
opportunity NOT to pay up. Sure enough, they
turned down our claim.
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• Four things that benefit the consumer
• Quota Share Reinsurance
• Pressure on IFAs
• ABI Definitions
• Faster Underwriting

Commoditisation
Price Competition
Stricter Underwriting and Claim Management
Declining Sales
Poor Publicity
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Current Issues in theProtection MarketandSome
Recent InnovationsJason HurleyHead of Sales
and Marketing RGA UK
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Market Development
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Tele-Underwriting

• Medical costs time and money
• Reduce non-disclosure
• Reduce sales risk
• Better quality data
• As a differentiator from price players
• Improve customer experience
• Ideal for some distribution
• Some IFAs demand it!

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Virgin Cancer Cover

• New product
• Cheaper than full CI cover
• Clear communication
• No adviser?
• Better as an add on?

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Virgin Cancer Cover
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Virgin Cancer Cover

• New product
• Cheaper than full CI cover
• Clear communication
• No adviser?
• Better as an add on?

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Tesco Instant Cover

• Instant Cover
• Yes / No underwriting
• Fixed cover and term
• Priced at IFA plus 10
• Against regulatory tide

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Norwich Union Direct

• Minimal human underwriting
• But high level of risk selection
• Efficient for Norwich Union
• Competitive premiums
• No medical evidence
• Convenient for customer

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Underwritten Annuities

• Market growing at 30 pa
• TCF Issues
• Now on portals
• Detailed information collected
• Relatively simple underwriting
• Focus on improved sales process

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Thank you for listeningYour views and questions