Last week, Aviva revealed it is redirecting sales resources to cater for the 1.4 million existing customers it estimates to not have an active adviser.
It says clients must provide written confirmation that they no longer consult an adviser.
Friends Provident chief executive Trevor Matthews said: “I think the orphan client issue is a fantastic issue and I do not think the industry is handling it very well in at present.
Our company is not experimenting much in that space but some companies are. When they do that, they see there is a need there. Using technology. you will see different companies doing different things in this space.”
He added it was important that providers segment their existing clients because some, such as many with-profits pol- icyholders, are disenchanted and will not engage, while others are more open and present an opportunity.
Skandia strategy director Michelle Cracknell told the conference the firm was receiving a significant number of calls from existing customers who had lost touch with their IFAs. But she insisted the firm had no plans to set up a direct channel to capitalise on these clients.