The Association of British Insurers’ protection strategy committee says it is considering creating a protection awareness day to increase take-up among consumers.
Aviva director of protection and chairman of the ABI’s protection strategy committee Richard Verdin says the committee has been looking at the idea for the past year as one way of increasing consumer engagement.
He says: “A protection awareness day is something we are considering as part of a package of measures to increase take-up.”
Earlier this month, Money Marketing and former Ageas UK managing director Martin Werth’s launched a campaign for a protection awareness day where insurers would send out an annual benefit statement on the same day each year to get people thinking about their protection needs.
Friends Life, Ageas Protect, Zurich Assurance, PruProtect, LV= and Aviva have all supported the idea.
Bright Grey proposition director Roger Edwards says: “I am supportive of anything which will help promote protection. I like the idea of an annual protection day and we would consider launching an annual statement as part of a wider strategy of awareness but it should be on the anniversary of the policy rather than on the same day for all policyholders.
“If you send out statements on the same day each year, then the potential number of responses might overwhelm both advisers and providers.”
Master Adviser senior partner Roy McLoughlin says: “It is great news to see the product manufacturers in this sector backing such a worthy cause.”