The Association of British Insurers’ protection strategy committee has taken up the reins from the failed consumer protection and insurance engagement campaign but it will not feature a media push.
Committee chairman and Aviva protection director Richard Verdin says the committee has agreed to take up the cause after the CPIEC failed to raise the £5m funding it needed for a media campaign. He says: “I think it is for the ABI strategy committee to pick up the baton on this and the committee agrees.”
Verdin says it will not be a media campaign because using “scare tactics to encourage people to buy protection is not acceptable”.
He says: “What we plan to do is bigger, it is more sustainable and will not cost as much. If you can develop an engagement campaign that supports what the regulator is already attempting to do with Money Made Clear, that Government would benefit from and that intermediaries and insurers will be able to execute, that is the way to close this gap.”
Lifesearch managing director Tom Baigrie who spearheaded the CPIEC says: “As there was never any doubt that CPIEC would need ABI support to succeed, I am delighted it will take forward the case for protection under its own banner.”
Highclere Financial Services partner Alan Lakey says: “It feels like we are treading some old ground here but the ABI will be listened to.”