The Consumer Protection Insurance Engagement Campaign CPIEC will not be developed further.
Tom Baigrie, managing director of Baigrie Davies and LifeSearch, and originator of the scheme for a pan-industry consumer protection awareness campaign, said: "The Consumer Protection Insurance Engagement Campaign (CPIEC) has not achieved the agreement on funding that we had hoped and is therefore at an end for now.
A report to insurers and reinsurers concerned said it was clear the range of issues raised could not be addressed in the plan's current form. However there had been total agreement that there was a need to raise consumer awareness about protection.
Baigrie said: ""Whether there is further action in the future is for others to decide," adding that it was: "a great shame that the leaders of the protection industry could not agree to move forward and meet the costs."
The cost of the plan was estimated £5million in the first year and, if successful, £3million in the second and, perhaps, thereafter. This bill was to have been split between all by dividing the provider market by estimated annual premium income.
The CPIEC was created with the backing of 22 life insurers plus reinsurers. Of the response from the 26, three made no response, five providers agreed to their proposed spend without significant qualification, six providers professed support, but their qualifications were very substantial, six providers said no for varying reasons. The reinsurers could not get near agreement on their rightful costs.
Watch the full webinar
On Thursday 19 November
‘What if “the conversation” wasn’t so difficult?’
Foreword by Peter Le Beau