Payingtoomuch's managing director Michael Ward has identified key failings in the protection industry - stating that the value chain is ‘all wrong'.
Speaking at the Protection Review conference, the managing director of the comparison site also argued that commission on policy sales was "not high enough."
He said of the value chain: "We've got IFAs taking value, we've got insurers taking value and reinsurers taking value. In my opinion the value is not sitting in the right places."
"This leads us onto my next point. You can't grow the protection market unless you pay more commission to allow us to market and experiment more."
Ward also said that the protection industry needed more regulation "because the current regulation is not regulating the things that matter."
He added: "We have too many lead generators saying things that aren't true to consumers. If we paid their agents twice the commission for advised sales and leave non-advised sales where it is, you would get more advised business."
He also said of his comparison site business, that travel insurance was selling twenty-times as much compared with life insurance. Meanwhile he believed that the travel insurance business was five times as profitable compared to life cover.
You can also follow COVER's live Twitter coverage of the #ProtectionReview2015 conference as it happens.