Insurers may remove products today:1st-Exchange

clock • 1 min read

Technology provider 1st-The Exchange has revealed some providers may remove their products from the system later today in preparation for tomorrow's ruling by the European Court of Justice (ECJ), while others could do so on the day.

It added advisers need to consider key questions regarding the implications of the ruling on their clients.

Paul Yates, strategy and business development director at 1st-The Exchange, explained the group had been working with all its providers who will be impacted by the ECJ ruling if they need to implement changes immediately.

"Some providers will be unaffected as their systems don't differentiate on gender; others may remove products late on today and come back on board tomorrow.

"The remainder will wait until the ruling and then may temporarily remove the products to make any necessary changes. Depending on the ruling, we are anticipating one or two products may be withdrawn fully.

"It is entirely possible that products will disappear from the systems on Tuesday and then re-emerge," he added.

Yates also noted intermediaries needed to ensure their clients would not be adversely affected by the outcome.

"Advisers need to consider several questions," he said.

"For urgent cases, will the full product range be available for quotation in the next couple of days? Will rates be better or worse following the ruling?

"Quotes should be honoured as is normal practice (except where stated otherwise) unless the ruling is back-dated, which is a possibility," he added.

The software provider confirmed it would have a team on hand to answer any questions advisers may have on the day and a notice on the homepage detailing the latest information.

 

More on Individual Protection

Probate delays jump 65% for year-long cases

Probate delays jump 65% for year-long cases

Cases taking over six months rose 112%

Jaskeet Briah
clock 23 April 2024 • 2 min read
Six in 10 claims handlers want to develop technological skills

Six in 10 claims handlers want to develop technological skills

Sprout.ai research shows

Jaskeet Briah
clock 22 April 2024 • 3 min read
AFM members pay out £70m on IP claims in 2023

AFM members pay out £70m on IP claims in 2023

Claims for musculoskeletal continue to rise

Jaskeet Briah
clock 17 April 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read