Standard Life is planning to integrate and repackage its protection and healthcare products to allow...
Standard Life is planning to integrate and repackage its protection and healthcare products to allow IFAs to offer both product ranges under a single plan.
According to the provider, the plans have been prompted by the current growth being seen in the protection market. In order to make a firmer move in to the market, Standard Life is aiming to introduce more integrated products so IFAs can also sell healthcare products, such as PMI, alongside more traditional protection sales such as life cover and critical illness.
Gerry Warner, marketing development manager at Standard Life, said: 'We need to be smarter about how we do business. Some IFAs selling protection menu products should be able to incorporate the sale with healthcare products. Many IFAs have turned to the protection market and we are taking a fresh look at how we can bring in something new. We are, therefore, looking at how to package products such as hospital cash plans and other healthcare products with more traditional products such as term assurance so IFAs can offer everything under one umbrella.'
Roger Edwards, product marketing manager at Scottish Provident, said that although there is little room in the market for direct competition, new ideas would be welcomed by other providers already in the protection arena.
'This is highly indicative that the protection market is flavour of the month and that it will be a big growth area in the future, especially as it offers good opportunities for IFA business. The only problem with new players entering the market is that they need to have a market growth strategy rather than a market stealing strategy. We are hoping that new companies will come up with something innovative in order to grow the market, rather than just taking a piece of the existing cake.'
