Last month was certainly a busy one for Promoting Protection supporters. Not only did we gather ...
Last month was certainly a busy one for Promoting Protection supporters. Not only did we gather industry experts for a roundtable debate on how to best take the campaign forward, but we also met with the All Party Parliamentary Group (APPG) on Insurance and Financial Services in a bid to gain political backing.
Both sessions concluded that lack of trust among consumers is the single, biggest obstacle standing in the way of raising awareness about the importance of protection.
At the Think Tank, the outlook was rather gloomy, with one delegate arguing that "people would probably buy more protection if it wasn't sold by insurance companies".
This sentiment was further strengthened at the APPG meeting, when Lord Brookman argued that people's trust in the insurance industry is at the same low level as their trust in politicians.
Consumer confidence is currently at an all-time low and, to salvage this, the industry needs to make sure it doesn't receive any more bad publicity. And that includes ensuring poorer insurance products get a make-over. Because, while comprehensive protection products and traditional providers may offer great protection for consumers, inferior products such as payment protection insurance sold by unscrupulous direct-sales outlets, more often than not, contribute to the sector's damaged reputation.
With more than 40 companies throwing their weight behind COVER's Promoting Protection campaign, it is clear that the industry is far from complacent. Sure, there is still a long way to go, but change doesn't happen overnight and, in the four months since the campaign was launched, the industry has taken important steps towards a resurrection, showing that it is now heading towards a brighter future.
Johanna Gornitzki, editor
