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Aegon and Zurich join in call for industry shake-up

Aegon and Zurich have thrown their weight behind Money Marketing’s campaign.

Aegon individual protec- tion head of marketing Rod McKie says he is adamant that product selection should never be reliant on price alone and he is calling for better consumer education.

He says value is more important than price and the cheapest policy will not always prove the best value or best suited to individual needs.

McKie says: “The protection industry needs to move away from the advice or price cliche towards the concept that value is king. With the current trend in non-advice sales, the protection industry is in real danger of becoming completely commoditised. If this happens, the consumer will suffer.”

Zurich recognises that for some consumers, buying dir-ect is more suitable but protection management director Peter Hamilton says consumers are neither sufficiently inf-ormed nor interested in buying off the shelf without running a real risk of buying unsuitable products.

Hamilton says: “We need greater simplification. People’s lives are complex. There are plenty of issues to consider. Some will be happy to work through these but for most, advice will be the right option.”

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