Advisers have identified medical conditions such as diabetes and high blood pressure and key lifestyle changes as the areas where they would like to see personalised protection products, Ipipeline has found.
When asked if they would like to see ‘Personalised products for common conditions such as diabetes, cholesterol, blood pressure etc', 90% of advisers surveyed said ‘yes'.
Meanwhile, 67% would like to see ‘Personalised products for different customer segments e.g. self-employed, renters, new parents'.
The most important type of product that advisers would like to see is something that offers ‘Flexibility throughout the policy to meet customers' evolving needs' (89%) while products tailored for new parents came second (86%).
Other areas for possible development centred around work and lifestyle are self-employment and those looking to work longer by delaying or phasing their retirement.
Paul Yates, product strategy director at iPipeline, said: "These results suggest we are entering the age of personalisation in protection.
"With insurers making great advances in technology, enabling new segmented products to be developed cost effectively, we're already seeing some interesting developments in the personalisation of protection solutions.
"Quicker, clearer and more accurate quotes and process sign-posting, tailored to specific conditions with no surprises in either the cover or the premiums, will undoubtedly help clients make more informed decisions."
Yates continued: "The increasing trend towards self-employment often means protection benefits that were once provided by an employer are not replaced.
"And working longer creates an older workforce often with different working patterns or even a complete career change. Providing personalised solutions for these hard-to-reach groups would make all the difference in closing the Protection Gap."
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