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Protection providers should spend ten times more educating consumers says Baigrie

The protection gap will only close if providers commit at least ten times more turnover to educating consumers about their products according to Lifesearch managing director Tom Baigrie.

Speaking at the Association of British Insurers conference on closing the protection gap today, Baigrie said providers currently spend less than 3 per cent of their turnover on communicating directly with consumers but they should be spending more like 30 per cent.

He said: “Providers need to get consumers to understand their need for protection not life. You can do this by talking about claims. Deploy your capital if you are serious about closing the protection gap and growing the market or it will all be about market share.”

According to Baigrie each provider should concentrate on marketing their products to their particular target markets. He says this method would be more efficient than a single, market-wide campaign.


Clerical error over non-indemnity

The more that Clerical Medical tries to revive its profile in the IFA market, the more it seems to trip over its own shoelaces. Hardly a week goes by without the appearance of a report on another Clerical Medical gaff which has upset some part or other of the IFA community, the latest one being […]

Balancing act

Following claims that balance-sheet lenders face becoming overexposed amid the sub-prime turmoil, Tanya Powley reports that other commentators are confident that there will be little need to tighten criteria

Away match with IFG for Barber

Paul Barber has joined IFG Financial Services from AWD as Northern regional manager, bringing 600 personal clients, including 50 professional footballers.

Mortgage brokers say UK mortgage market remains wholly sound

The fundamental’s of the UK mortgage market remain wholly sound despite news that Northern Rock has had to request emergency funding from the Bank of England, says Robert Sterling managing director Kevin Duffy.Duffy says that there is a real danger that both the industry and consumers grossly over react to what is happening to Northern […]


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