Service is the buzzword being bandied around the protection market at the moment. Advisers are const...
Service is the buzzword being bandied around the protection market at the moment. Advisers are constantly complaining about the turnaround times of getting protection policies on the books, while providers bemoan the length of time it takes to get hold of a doctor's report.
While everyone points the finger at someone else, some providers do need to pull their socks up if they are to stay in favour with the intermediary community. For advisers choosing between product providers with only a slight difference in benefits and a couple of pounds in price, the deciding factor will always be service. Those providers placing risk weeks ahead of others will, in this case, always win.
As a general rule, most advisers do not get paid commission until a policy is in force. And if they are spending the majority of their time chasing submissions, they are wasting valuable time that could have been spent with a client. A poor IFA is an angry IFA, and at a time when margins are falling, is it really a wise idea to bite the hand that feeds you?
Surely it is in all providers' best interest to do everything they can to speed up service. Placing risk faster means more business for insurers and more free time for advisers to secure more clients and promote the protection cause. This is of course, what everyone wants.
Angela Faherty, editor
