"It is often more important for people with ongoing medical conditions to consider protection products, and yet they are often the ones penalised the most by a one-size-fits-all proposition."
90% want to see personalised products for common conditions such as diabetes, cholesterol, blood pressure etc. Currently, over four million people in the UK are living with diabetes, while around one in three adults in the UK has high blood pressure.
67% believe personalisation is important for different customer segments. The most important type of product that advisers would like to see is something that offers ‘flexibility throughout the policy to meet customers' evolving needs’ (89%) while products tailored for new parents came second (86%).
Other areas for possible development centred around work and lifestyle are self-employment and those looking to work longer by delaying or phasing their retirement.
Paul Yates, Product Strategy Director at iPipeline, said: “These results suggest we are entering the age of personalisation in protection. With insurers making great advances in technology, enabling new segmented products to be developed cost effectively, we’re already seeing some interesting developments in the personalisation of protection solutions. Quicker, clearer and more accurate quotes and process sign-posting, tailored to specific conditions with no surprises in either the cover or the premiums, will undoubtedly help clients make more informed decisions.
“The increasing trend towards self-employment often means protection benefits that were once provided by an employer are not replaced. And working longer creates an older workforce often with different working patterns or even a complete career change. Providing personalised solutions for these hard-to-reach groups would make all the difference in closing the Protection Gap.”
Ian Sawyer, Managing Director of Assured Futures, added: “It is often more important for people with ongoing medical conditions to consider protection products, and yet they are often the ones penalised the most by a one-size-fits-all proposition. Products that address the barriers to uptake for these groups – mainly cost and transparency – and those that can adapt to the ongoing effects and improved medical support for certain conditions, would significantly alter the protection landscape.”
