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Advisers split over provider product push call

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.” 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.”


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Couldn’t agree with Garry and Alan more on this one. If an insurance company is able to provide protection options to a client based on an application form that an adviser couldn’t provide based on a full fact-find, then there is something seriously wrong with the way the adviser is conducting their research.

  2. This is obviously a precursor to them contacting adviser clients direct!

    Be very careful to make sure that clients tick the correct boxes on applications so that the provider cant contact them direct.

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