73% predict a rise in protection
Almost half of delegates attending the COVER Protection Forum cited service in the protection market as their biggest concern.
Yet despite this, 73% of respondents to a delegate survey expect to be doing more protection business in five years' time. Only 24% expect to be doing the same amount or less business than they do now.
In a survey carried out prior to the event, respondents were asked about their concerns regarding certain aspects of the industry. In addition to service, 28% listed rising premiums as the biggest concern facing the protection market.
Reduced capacity and the lack of choice in the group business market also caused angst among advisers.
Surprisingly, only 9% were concerned about forthcoming Financial Services Authority (FSA) regulation. In general, it was believed that regulation would not impact the market negatively, with 44% saying regulation under the FSA would have a positive impact.
In comparison, 31% feared it would have a negative impact on the market with only 13% of respondents believing FSA regulation would not have any effect on current market conditions.
One survey respondent commented: "In 10 years we have not had one problem or complaint of our making, whereas in the same period, we have received endless complaints about poor service and errors by providers."
