The Association of British Insurers is considering developing a non-advised Amazon-style protection website which would show consumers the types of products bought by other similar customers.
Assistant director of health and protection Nick Kirwan said it was looking at ways it could develop a protection website for consumers.
The ABI has met with the Money Advice Service to discuss if the ABI could link with it to provide protection information to the public but Kirwan admits there are limitations with the MAS system as it stops short of giving advice.
He says: “We might be able to use industry data and not give a recommendation but say to people ’other people like you bought this’. We would not be saying what is right or wrong. I am wondering what people think about that kind of Amazon-style proposition, because that is where our debate is going.”
London&Country sales director Michael Aldridge says: “The principle is a sound one and seems to work for Amazon. I do not think you can ever replace full advice but this is a good example of getting in touch with the modern consumer.”
But Roxburgh Financial Management financial sales manager Garry Webb says: “The issue I have with consumer websites that are based on similar scenarios is it is not technically giving advice but in a way it is. It is saying ’that person took this plan out and you should do the same’. I do not see any way around the full advice process.”