Speaking at the paper’s launch in London today, IPTF co-chairman Peter Le Beau set a number of key issues the industry is or should be addressing around income protection.
Proposals include greater consumer awareness around IP, a stronger emphasis on where the group protection market is heading, the need to connect with Government and ABI, the ability for consumers to compare IP quotes and what the recent PPI ban means for IP.
Le Beau said: “The paper attempts to do four things. Look at the current state of the UK IP industry, look at key issues and drivers stopping us making progress, develop an agenda for the product and produce a vision to get more people covered.
“In the nine-point plan revisited we look at Welfare Reform, we look at the awareness of IP and how that can be improved, controversially we have tried to help advisers prioritise protection and we want to increase adviser awareness – that is a real priority we have here.”
Co-chairman and CWC Research senior partner Clive Waller says part of the goup’s plans to improve adviser education include a series of roadshows.
He said: “I hope we talk to advisers in the thousands. We need to show advisers how to sell IP and sell it in a manner that is compliant, client friendly and profitable.”
Also high on the agenda is the need for employers to issue annual benefit statements outlining employee benefit entitlement should they fall ill, a key issue tipped by Money Marketing in February.
IPTF member Karin Lloyd, a claims and underwriting specialist, said the industry needs to establish a kitemark for genuine IP products to stop providers masking ASU and PPI as IP.
A delegate said a kitemark is essential to winning back the IP name. The delegate said: “Most people can understand the need to protect their income and the name has been stolen by the PPI brand. Income protection is the right name for this product and you have to steal it back.”