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Canada Life looks to new Welfare Act to boost IP

There is too much dependency on rebroking existing group income protection schemes, says Canada Life head of group IP Colin Micklewright.

After seeing Canada Life record an increase in business volume this year, Micklewright considers that the market is concentrating too hard on rebroking the 21,000 group income protection schemes which have already been written.

He says: “We are seeing some new to market business but proportionally the weighting is very much on the rebroking of existing schemes.”

However, Micklewright believes that the Welfare Reform Act, which is scheduled for October, will pave the way for more group and individual income protection sales.

He comments: “Once the employer and employee gets the message that state benefits will be more difficult to obtain, there should be more appetite for pri- vate provision, certainly in the individual market, but hopefully in the group market too.”

Micklewright highlights a shift in what consumers and corporate bodies are looking for now, bearing in mind the pressures on cost.

He says: “It is not so much the insurance that people are looking for, it is the added-value services. That would be the insurers’ capabilities of looking after the claim, committing the right medical resource and making sure that the employee gets as much support in getting back to work.”

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