Finance & Technology Research Centre director Ian McKenna has called on the protection industry to embrace digital technology to capture more clients.
Speaking at the annual Protection Review conference in London last week, McKenna said the protection industry is not evolving fast enough.
He said: “Rather than giving people pieces of paper with a set of numbers on, we should be giving them a digital experience where they can model the figures to their own circumstances.
“I do believe passionately in our industry but I really question whether we are evolving fast enough.”
McKenna added clients would feel less embarrassed disclosing sensitive details, like medical conditions, in a digital format and suggested some people are put off seeing an adviser because they do not want to feel obliged to buy something.
Intrinsic director of legal and governance Wallace Dobbin said: “Technology has an extremely important part to play going forward but technology on its own will not stimulate the customer to do something about their own financial situation.”