I guess I should start this column by apologising for harping on about the issue of trust. However...
I guess I should start this column by apologising for harping on about the issue of trust. However, I won't as I believe trust, or rather the lack of it, is one of the biggest problems currently facing the industry.
And it is a matter that seems to be permeating the industry as a whole. You have the provider not trusting the IFA and the customer; the IFA not trusting the provider and the client; and the customer not trusting anyone at all as soon as the word finance is mentioned.
While this trust gap will hardly be bridged in a day, it seems insurers may have come up with a solution to their 'trust problem'. The answer to their prayers is some voice stress analysis software, which monitors the intonation and pitch of a caller's voice and ascertains whether they are telling the truth when they are being underwritten. In short, it's a lie detector.
Lie detectors are already being used in the general insurance arena to wheedle out fraudulent claims for motor insurance. However, would the approach work for the protection industry?
The overall sentiment among industry experts is that it would be taking the underwriting process a step too far, with one commentator arguing it would "paint an extremely bad picture" of an industry already suffering from a poor image.
I cannot help but compare this to a recent high-profile court case where the husband of Jimmy Choo boss, Tamara Mellonto, decided to 'snoop' on her during their separation. Needless to say, the divorce is now a fact. While I am not saying the industry is in any way acting like a jealous husband, I don't think trust can be gained by using a lie detector as it is likely to exacerbate the problem even further. Using tools is all well and good but good old fashioned relationship-building is needed if the industry wishes to rebuild consumer trust in a sustainable way.
Johanna Gornitzki, editor
