David Robinson – Cheif Executive, Bright Grey
I am delighted to see the launch of MM’s campaign, highlighting many of the issues that have been concerning the protection industry for some time.Bright Grey has always argued that a decision to buy protection products should never be based on price alone as, overall, customer value is the key. Our research tells us that consumers and their families value such services immensely but how would individuals know that such an option even exists if they do not seek advice. Price-based decisions create many areas of potential concern. What of those who would benefit from writing such protection products under trust in order to avoid IHT? Will they know to con-sider such an option? Or again, will they know when increasing cover might be appropriate or even be given that choice? Furthermore, if the lowest price really is the main consideration, then a fam-ily income policy is often a more cost-efficient option – this is not something commonly available, through, for example, the supermarkets. All these instances confirm the need for advice. We fully support Money Marketing’s campaign for a clearer pre-sale procedure but to require individuals to understand that they are taking on the decision-making risk is the bare minimum we should be aiming for. We believe that “advice rather than price” is imperative if consumers are to get the best out of the protection market.