View more on these topics

ABI rejigs protection committees

The Association of British Insurers has restructured its protection committees to separate day-to-day work from long-term strategic thinking.

The two committees, the Protection Development Committee and the Protection Strategy Committee, will be chaired by Legal & General managing director for protection Bernie Hickman and Norwich Union director of pricing Clive Bolton respectively.

The Development Committee will deal with immediate and medium-term issues including the drafting and updating of ABI statements of best practice and industry guidance. It will focus on all group and individual protection products, including long term care.

While the Strategy Committee will take a longer term view, acting as a forum for detailed strategy and policy debate. It will develop a blueprint for, and then create, the ideal political and consumer climate together with the right legal, regulatory and distribution framework to help meet consumers’ lifetime protection needs. It will also focus on all group and individual protection products, including long term care but will look at new and emerging protection markets.

ABI head of health and protection insurance Nick Kirwan says: “The new committees will build on the excellent work that’s already been done to improve the clarity and reputation of protection insurance, and to plan for the challenges that lie ahead in the protection market. Importantly, separating the day-to-day work from the longer-term strategic thinking will allow each committee to focus in more detail on their objectives. The ABI will co-ordinate the activities of both committees to ensure they are aligned.”

Hickman says: “It is vital that the protection industry works to close the protection gap in the both short term and long term. I am delighted to be given this opportunity to chair the committee driving forward the more immediate priorities for improving consumer confidence in protection policies. There are many important areas to address such as customer understanding of total and permanent disability in addition to continuing to promote consistency in the fair treatment of customers at the time of a claim. One of the recent successes of the previous committee was to introduce new guidance on non-disclosure, with the aim of reducing the proportion of declined claims and we aim to continue this good work.”

The first meetings of the committees are due to take place in June.

Recommended

Dodging torpedoes

Investment flows are undoubtedly polarised at the moment. Some investors are seeking high potential returns through emerging markets, specialist funds and singlecountry funds such as India and Russia. Others are seeking the safe haven of cash or more recently bonds. The latter, as I have mentioned before, look good value.

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com