View more on these topics

&#39Pru&#39s protection surge putting strain on admin&#39

Prudential is facing admin delays and may have to increase its rates

as it shows the strain from vastly inc-reasing its protection market

share in recent weeks, according to broker Direct Life & Pensions.

DL&P says that due to term and critical-illness premium increases

by rivals in the last couple of months, the Pru has found itself at

the cheaper end of the market and its business volume has

substantially increased as a result.

DL&P says that over the last two or three weeks, Pru has jumped

over Friends Provident to join Norwich Union and Legal & General

at the top of the heap, taking 25 to 30 per cent of new business.

But its admin is starting to show the strain and DL&P sales &

marketing director Richard Verdin predicts that the Pru will soon

move to stop the inflows of business.

The Pru says it is aware of the recent delays in its service and is

working to reduce them.

In the interim, it is off -ering automatic accidental death cover

while applications are being processed.

Spokesman Darragh Leeson says: “We are aware that there is a delay in

processing applications.

“We are throwing our resources at it in an attempt to reduce

unnecess-ary delays.”

Verdin says: “I think the Pru manages its business very well. I think

it will do what any business that manages its business well would do

and that is to take the new business volume for a while and then

adjust its prices to relieve the strain.”


Take up the LIA challenge

The aim of the LIA President&#39s Challenge is for teams to raise moneyto fund a new hospital unit for the Teenage Cancer Trust.The challenge is to put together a team of eight and raisesponsorship of at least £500 each. You will then spend 48 hourscompeting in a number of events at Barton Hall, a specialist […]

Confusion as MVR is included in projections

Leading IFAs are calling for the FSA to tighten the rules on themethods used by providers to calculate mortgage endowment statements,claiming the current array of methods are resulting in consumerconfusion.Informed Choice managing director Nick Bamford is warning that someproduct providers such as Standard Life are reducing the value ofclients&#39 policies by applying a market value […]

Executioner&#39s tale

Thousands of mortgage intermediaries working throughout the UK mustnow prepare for the latest “service” to be marketed nat-ionally inthe press, namely execution-only mortgages, with a further benefitfor respondents to get a share of the procuration fee.Execution-only mortgages have been available for the enlightenedconsumer for many years, so why the fuss?We know that competition for the […]

Friends challenges firms to match one-day admin

Friends Provident is throwing down the gauntlet to pensioncompetitors, saying only those able to get paperwork out to clientswithin 24 hours can claim true end-to-end processing capability.The company says IFAs can tell if a product provider&#39s claim ofstraight-through processing is correct by being able to send policydocuments to members within a day of application.It says […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm