The ABI's strategic agenda
Share
Committee chairman and Aviva protection director Richard Verdin says the group will be looking at protection and the retail distribution review, Solvency II and potential implications for protection, simplifying claims payments and writing policies in trust.
Earlier this month Money Marketing revealed that the committee is taking up the reins from the failed consumer protection and insurance engagement campaign, though it will not involve a media push.
Money Marketing also revealed that Lifesearch managing director Tom Baigrie will be working with the committee on its new drive to help raise consumer awareness of protection needs.
Baigrie, who spearheaded the consumer protection and insurance engagement campaign, has agreed to help steer the work stream looking at consumer engagement. The work stream, which will also include insurers and reinsurers, will work with the FSA, the Government and the industry to find ways of closing the £2.3tn protection gap.
Alongside the campaign,Verdin says the committee is “keeping a watching brief” on Solvency II, though it anticipates no implications for protection.
He says: “It is fair to say that generally speaking Solvency II is neutral to moderately favourable to protection and we are not anticipating any significant or negative concerns. It is certainly more of a challenge for other product lines.”
He adds: “I don’t think we are going to have to undertake a significant amount of work in that regard, but we will represent the views of the protection industry in any lobbying or other activities that may be required.”
The committee’s work around RDR will include looking into how labelling, education and professionalism will read across to protection.
Verdin says it will focus on what RDR means for protection and how the industry engages with the FSA to “land it elegantly”.
He says: “The industry body needs to represent an industry view as to how we want that RDR to be translated in the protection world.”
Other work includes simplifying claims payments and writing policies in trust. Verdin says too often probate holds up a claim being paid, the official process of proving that a will is valid.
The committee is now working on ways of speeding up the payment process.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
