Insurers have been urged to improve their
communication with financial advisers regarding the introduction of
gender neutral pricing on 21 December 2012, commonly referred to as
G-Day.
According to the finance and technology
research centre (F&TRC) Protection Forum, the G-Day message is
“not getting through” to a high number of advisers.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Kevin Carr, CEO of Protection Review, which
has been established to provide independent commentary on
thelife and health protection markets said: “We have
spoken to hundreds of advisers in recent weeks and it seems that
around half of those we meet are completely unaware of G-day and
the potential client issues it brings, not just for protection for
also for annuities.
“There are many advisers who don’t always see
stories in the trade press and who don’t have dedicated broker
consultants, and the message is not getting through.”
Andy Walton, protection sales director for
Intrinsic Financial Services, said there is little time left to
ensure clients are made aware of the price increases that are
coming across the board for protection.
Targeted campaign
Walton said: “Many clients are under insured
and it is surely right and fair to let them know that prices are
set to increase for many people. We have launched our own
targeted campaign to get the message across and the more we can do
as an industry the better. Prices will start to increase well
before the 21st December. There is still time to act – but not
much.”
F&TRC Managing Director, Ian McKenna,
added that it is concerning that despite all the noise the message
is not getting through to such a large number of advisers.
“It is clear that we need a joined up campaign
to make sure advisers know the details as soon as possible, and
it’s not yet too late to make this happen.”
