Eye on intermediaries - Life and Protection Insurance
IFAs are looking for simplicity, not a raft of additional features. 45% of intermediaries say that stripped-down underwriting processes would make it easier to sell to clients, and almost as many want applications to be streamlined.
Just as consumers prefer to buy life cover face-to-face, so too do intermediaries prefer to be able to learn about new policies in person. Printed marketing material - once the mainstay of provider/IFA communication - has been swapped for face-to-face meetings and online resources.
The ISA market has seen steady growth over the past few years, which has boosted balances. Over 18 million UK adults hold cash or investments in ISAs – assets that are collectively worth over £220 billion. However, a much larger number have savings held outside the ISA wrapper, indicating that there is still scope to expand the market.
With a penetration of 33% among UK adults aged 18+, cash ISAs continue
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There’s a tendency to think that innovation needs to be about adding in new product features. But when it comes to life insurance, at least, it seems that IFAs want simplicity above all else.
Just as consumers prefer to buy life cover face-to-face, so too do intermediaries prefer to be able to learn about new policies in person. Printed marketing material - once the mainstay of provider/IFA communication - has been swapped for face-to-face meetings and online resources.
