Canada Life has analysed the willingness of different company types to buy Group protection products.
As part of the insurers campaign to grow the group risk sector through the adviser market, the insurers book of 20,000 schemes have been researched to highlight the opportunities available to grow the group risk market.
The research identified a customer's propensity to buy group death in service and group income protection benefits. It is hoped this in turn can help advisers to understand who they should be targeting for group risk products.
The top five sectors most amenable to group protection products are:
- Manufacture of Chemicals and Chemical Products
- Manufacture of Medical, Precision and Optical Instruments, Watches and Clocks
- Manufacture of Radio, Television and Communication Equipment and Apparatus
- Manufacture of Pulp, Paper and Paper Products
- Manufacture of Machinery and Equipment Not Elsewhere Classified.
The least attractive sectors are:
- Hotels and Restaurants
- Other Service Activities
- Agriculture, Hunting and Related Service Activities
- Real Estate Activities
- Forestry, Logging and Related Service Activities (02)
Breaking down the analysis further the results clearly showed that companies with approximately one hundred employees had a higher propensity to buy Group Life products.
The analysis also strongly suggested that companies with approximately 50 employees had the highest propensity to buy Group Income Protection products.
Paul Avis, Sales and Marketing Director at Canada Life comments: "This research clearly demonstrates that there are definitely industry segments where group risk benefits can be greater penetrated and we would be happy to discuss any advisers' aspirations to support a proactive campaign that helps us achieve our market growth ambitions."
