So an unnamed provider is launching a new product soon. Quelle surprise! Rumours of the launch have ...
So an unnamed provider is launching a new product soon. Quelle surprise! Rumours of the launch have been circulating around the industry for over a year now so the anticipated release feels long overdue.
And while protection specialist LifeSearch, which will be assisting in this product launch, refuses to reveal the name of the company, it would not be overly surprising if it has something to do with Fortis' anticipated attack on the protection market. But then again, this may just be more hearsay.
Speaking at a recent COVER Think Tank, LifeSearch's managing director, Tom Baigrie, said it had been working with the unnamed firm for a long time to ensure the product would be right.
The outline of the product (or should I say products) is still a bit sketchy but it looks like it will be a menu-based plan, which could be offering some kind of lump-sum payout after eight years. Baigrie also hinted that the new design would be simple to make sure it attracts more attention from consumers.
So what will the industry think of such a product? Baigrie admitted to being worried about the sector's reaction to it. "New ideas are often criticised. People say if it's not perfect, it's rubbish. And that is something that we are all scared of," he said.
A valid concern or not, the only way they will find out is by launching it. The sooner the better.
Resounding success
COVER's Promoting Protection campaign seems to have gained unexpected support from the Thoresen Review. The report recommended that a Money Guidance service is launched by the Financial Services Authority to help people handle their budgets - something that will help raise awareness of financial matters among consumers including protection needs. Hopefully this will be the push the industry has long been waiting for.
