CI
The latest critical illness (CI) proposals set out by the Association of British Insurers (ABI) are unfair to consumers and advisers, according to Roger Edwards, products director at Bright Grey.
Responding to the ABI consultation on CI cover, Edwards disputed the suggestions of the ABI CI working party, of which he is a member, particularly criticising a proposal to offer two cancer definitions.
He said: "Even though the changes are essential, Bright Grey's concern is that the product will become harder for advisers to explain to clients, as a result of the increased use of quite complex jargon.
"We wonder whether it will ultimately be seen as treating customers fairly to expect them to understand what some of the definitions mean and possibly unfair on the adviser to expect them to understand them and then adequately explain them."
Edwards also criticised the consultation for only delivering short-term solutions, saying: "While we believe some of these changes are necessary to sustain the current product we do not agree this product structure is necessarily the best for consumers going forward."
Edwards denied his response clashed with his position as a working party member.
He said: "The role of the working party is to present what is probably a wide set of ideas and views to the industry as a whole so it can respond.
"Even though Bright Grey does not agree with the concept of two cancer definitions, for example, it is right that the concept is included in the consultation paper."
