Simplicity will drive consumer demand for protection products in the future, ahead of costs and quality of advice, according to research from the Protection Review.
Its Protection 2023 survey asks advisers, life offices and reinsurers what the protection market will be like in 10 years’ time.
When asked what single product feature will most drive consumer demand for protection products in 2023, 43.5 per cent of respondents say simplicity will be the most important feature.
Some 13 per cent say products that come with good quality advice will drive consumer demand, while 4. 4 per cent say products with the lowest cost premium will be key.
Protection Review chief executive Kevin Carr says: “This is quite astounding. What the industry is saying is that what we really need to drive the industry forward is simplicity, not only in terms of the products themselves, but also the buying process for the consumer. The fact that this is ranked so much more highly than cost, advice and other factors goes to show just how complex the industry has made it over the years. Or at least that is the perception.”