It was great to see so many readers at this year's COVER Protection Forum. Once again, the day prove...
It was great to see so many readers at this year's COVER Protection Forum. Once again, the day proved a huge success and provided delegates with the opportunity to voice their thoughts on the issues currently facing the market.
The overriding theme of the day was innovation and development. Across both the health insurance and protection markets, speakers outlined the problems facing the industry and the ways in which these issues can be addressed and resolved.
Unsurprisingly, the future of the critical illness (CI) market was top of the agenda. Nick Kirwan, chairman of the Association of British Insurers (ABI) CI Working Party, outlined its plans for 2005. Despite the ongoing demand for the next generation of CI products, it seems developing the solution remains a problem. A product that marries benefits of CI and income protection (IP) seems like the obvious way forward, but overcoming the hurdles to create such a solution is no easy task.
IP also came under the spotlight at the Forum. It seems there is a need for a drastic rethink of the product's design if sales are to rise. But how long can providers keep singing the same tune before one of them actually creates a solution that is easier to understand and sell?
According to the first ever COVER Protection Insight study, the results of which were announced at the Forum, 92% of advisers do recommend IP to their clients. If this is the case, then why are there so few sales? It seems the problem lies in the product's design. If this is the case, then isn't it about time someone took the big bold step to develop a solution that could help the IP market prevail?
Angela Faherty, editor
