HSBC Life's Barker: Why value is my theme of the year for 2024

"Mental health remains a major issue"

clock • 3 min read

Last year proved to be one of the more uncertain, challenging years from both a social and economic point of view, notwithstanding the profound impact of COVID. Very few industry outlooks at the start of 2023 would have been anywhere near correct with both worries about inflation and the expectation of a recession cooling. 2024 is looking, at least in early January, similarly hard to define, writes Mitchell Barker, head of product and chief distribution officer at HSBC Life UK.

With that in mind, what might the year ahead hold, in general terms, for those in the protection market? Given the wider headwinds impacting consumers, such as higher interest rates, higher mortgage costs and the cost-of-living crisis, I suspect a major theme will be ‘value'. There is likely to be a greater need for all stakeholders in the protection chain to focus on the value of benefits and the value of relationships as a means to generate growth. Consumers, who may benefit from cuts to interest rates later in the year, might wish to better understand the value of protection propos...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Insurer

Zurich rolls out optional paid-for benefits package

Zurich rolls out optional paid-for benefits package

Investigation, diagnosis and treatment of specific serious illnesses

Jaskeet Briah
clock 23 May 2024 • 2 min read
Aviva protection and health sales rise in Q1

Aviva protection and health sales rise in Q1

Group protection sales up 15%

Jaskeet Briah
clock 23 May 2024 • 1 min read
L&G award winners revealed

L&G award winners revealed

Business Quality Awards

Cameron Roberts
clock 22 May 2024 • 1 min read