View more on these topics

New kids on the block

There seems to be an abundance of new talent set to enter the protection market this year and I’m not talking about all the good looking protection commentators out there.

Just Retirement is the latest firm to have announced its foray into the market and is planning to announce its niche protection offerings to consumers in or at retirement age this summer.

Prudential’s former head of proposition and market strategy Paul Cowman has joined the firm as category manager of protection and he will be leading Just Retirement’s move into the protection market.

HSBC and Fortis are two other firms known to be looking at entering the intermediary protection market this year which begs the question, what can they offer that is new and different from the products currently on offer?

Just Retirement is going for the niche offering and has identified a real gap in the protection market by targeting consumers in retirement. This is an interesting development in the market as there are very few products currently available in this area.

With increasing longevity, the retirement and post-retirement market is set to be a growth market and Just Retirement has spotted its potential.

But HSBC and Fortis have yet to define the markets they will be targeting.

Providers have a number of choices of which route to choose. They could go down the price-driven mass market route like Legal & General, set themselves up as specialists in a niche area like Just Retirement or concentrate on offering a completely different type of product like Prudential.

HSBC and Fortis will have to carefully consider which route they choose. Protection providers and advisers already consider the market to be saturated with the mass market, cheaper options but there is always room for innovation.

Recommended

Pension lapses hit Aviva shares

Aviva shares fell by 5 per cent after it revealed it has set aside an extra £224m to cover higher than expected lapses in pensions.Its full-year results – the last before chief executive Richard Harvey leaves for a gap year in Africa in July – show a 12 per cent rise in profits in 2006. […]

Arc gets dual boost from Aim flotations

Arc Growth Company VCT has seen its net asset value significantly boosted after two of its investments, Consolidated Vending and Traction Technology Holdings, floated on Aim.

Check out repo ‘rescues’

Brokers are being urged to protect borrowers against firms targeting homeowners threatened with repossession.A swathe of companies, such as Repossession Angels, are offering to buy property at 20-25 per cent below market rate to avoid repossession and rent it back at market rate.With repossessions rocketing by 65 per cent last year, some experts believe these […]

Property investment firm Cordatus launches

Cordatus Partners Limited the specialist real estate investment management firm has launched into the UK market. The company aims to have £500m of assets under management by 2012. The Edinburgh-based company specialises in UK commercial real estate investment management and aims to launch a special opportunities trust, focusing on the acquisition of UK commercial property […]

1

Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com