Technology
In his seminar 'Make money, save time' Rod McKie, head of protection at Scottish Equitable Protect, urged delegates to embrace technology to compete with new entrants.
Pointing to the success of brand assurers such as Tesco, McKie said their core purpose was to create value for customers and earn their lifetime loyalty. "They have a compelling proposition which if it goes undefended will be hard to get back. What they offer is a good match to customer expectations. They expect good-quality cover when they come to a claim but they don't want to pay too much for it."
He insisted there should be competition with brand assurers and that technology had an important role to play in that.
"You need to offer more than the brand assurers do. And with the advice you provide you can make sure that the product is tailored to their circumstances. The benefits are clear."
