Poor levels of service in the protection sector are holding back IFA
business, according to research by Bright Grey.
The new protection provider, which is set to start taking business
next week after a year-and-a-half's preparation, says it will put
service at the core of its proposition.
Its survey of 100 IFAs, conducted last week, says 68 per cent of new
business applications are taking more than three weeks to process and
79 per cent of IFAs say this level of service is unacceptable.
The protection market has long been dogged by poor service, with
requests for medical information being made months after an
application has been sent by an adviser.
Nearly half of the IFAs surveyed say the level of service from
protection providers is hindering their business.
Topping IFAs' wish-list of service improvement is faster processing
of applications on 75 per cent followed by faster underwriting on 71
per cent and the same figure calling for a protection company to keep
its promises.
Bright Grey communications director Susan Sneddon says: “Meeting the
basic fundamental needs of IFAs would appear to be the exception
rather than the rule in the protection market.
“There is a huge opportunity for a business to come in and meet the
service needs of IFAs.”
John Joseph Financial Services director John Joseph says: “Take out
the word protection and these findings would be about right for all
providers and all products.”
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