Protection advisers are split about whether providers should be using customer information obtained during the application process to suggest to advisers what other products their clients might be eligible for.
At the annual Protection Review conference in London last week, Lifesearch head of life office relations Emma Prescott asked a panel considering the future of distribution in the protection sector if life offices should be suggesting to advisers which additional products their clients would qualify for and on what terms in order to increase take-up of protection products.
For example, if an adviser submits an application for life insurance with critical illness cover, the life office could use the information provided by the customer to work out what terms they would be offered on other products, like income protection.
Plan Money director Pete Chadborn, who was sitting on the panel, said: “It is a great idea. If it helps inexperienced protection advisers educate themselves about the other possible solutions they could be talking to their clients about, then it is a good thing for everyone and could increase the take up of protection products.”
Moneysupermarket.com channel supervisor, protection Emma Walker, who was also sitting on the panel, said: “It is not something we currently do online but it is something we should probably think about doing in an online environment.”
Highclere Financial Services partner Alan Lakey says: “I would almost certainly ignore what they say because I know what my clients need more than they would.”
Roxburgh Financial Management sales manager Garry Webb says: “Advisers should be doing this in the first place.”