Royal Liver and Axa are competing head to head to be the first to launch their protection propositions to IFAs, Money Marketing understands.
The two companies are aiming to enter the protection market by the end of the year at the latest.
They face competition from Prudential and Standard Life which are believed to be rejigging their protection offerings.
MM revealed last November that Royal Liver was planning to “revolutionise” the IFA market with its push into the sector and in March it signed up with technology giant Marlborough Stirling which will provide the admin for the new business.
Royal Liver would not comment on its plans but it has confirmed that it has brought on board Martin Swift, formerly of protection specialists Swiss Life, to act as the project manager. Royal Liver is understood to be planning to outsource everything but sales, marketing and product development, keeping its overheads to a minimum.
Axa is thought to still be working on the development of its protection offering and says it is looking towards the end of the year before it comes to market.
Liver IFA market manager Andy Milburn says: “Many providers try to do it all in house but there tends to be one area where they let themselves down. I cannot comment on what product areas we will be launching into.”
Axa PR manager Peter Webb says: “Protection will be a big deal for us. We expect to be bringing in our proposition by November.”