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Kirwan backs real-time move

Life companies will bypass daily pricing in favour of real-time pricing, says Association of British Insurers head of protection Nick Kirwan.

Legal & General protection marketing director Alan Ferguson suggested last week the industry is heading towards daily pricing when he highlighted that protection firms had adjusted their prices more times in July than in the second half of 2006.

But Kirwan says: “Providers could use real-time interactive pricing to balance the policies going on their books throughout the day. If they are not selling enough, they could manage volumes by adjusting the price and if they have sold lots of policies to smokers, for example, they could adjust the price to manage risk.”

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