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Too much dependency on rebroking, says Canada Life

There is too much dependency on rebroking existing group income protection schemes, says Canada Life head of group IP Colin Micklewright.

After recording an increase in business volume this year, Micklewright says the market is concentrating too hard on rebroking the already-written 21,000 group IP schemes.

He says: “Whilst we are seeing some new to market business, proportionately the weighting is very much on the rebroking of existing schemes.”

However, Micklewright says the Welfare Reform, out in October, will pave the way for more group IP sales.

He says: “Once the employer and employee gets the message that state benefits will be more difficult to obtain, there should be more appetite for private provision. Certainly in the individual market but hopefully in the group market too.”

Micklewright also highlights the shift in what consumers and corporate bodies are now looking for, bearing in mind the pressures on cost.

He says: “It’s not so much the insurance people are looking for it’s the added value services, that would be the insurers’ capabilities of looking after the claim, committing the right medical resource and making sure the employee gets as much support in getting back to work.”

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