The PPP - Growing the Protection Market

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Growing the Protection Market

After a great summer break, the Practical Protection Podcast is back with season 6. The first 5 seasons have flown by, and we’ve covered a wide range of topics too. Kathryn and her special guests are ready and raring to go, bringing you lots of industry and underwriting insights.

Here are some of our most popular episodes:

For the first episode, Kathryn is joined by Roy McLoughlin, and Tom Baigrie from LifeSearch to discuss the valuable campaigning he has done over the past 20 years, focusing on improving consumer outcomes. Tom explains some of the recent projects he has taken on, including his thoughts on protection insurance, the upcoming FCA Consumer Duty and his passion to embed mystery shoppers into the analysis of broker firms.

Mystery shoppers are a key part of testing that a business is delivering on the promises it gives its clients. Maria Hearne from Carr & Carr Consulting did this recently and reported her findings within Cover Magazine. No specific brokers are named in the piece but I’m sure quite a few firms would love to know where they sat in her assessment.

There’s lots being talked about in this episode and Tom has a number of key points that he wants all of the protection industry to stand up and take note of. Tom suggested that marketing isn’t working and that the protection market isn’t growing. So where do we go from here, what should be changed?

Another thing that Tom highlighted is that protection isn’t always easy, especially if it’s not something that you do regularly. We are advocates for signposting where necessary, and it’s important to create a network where protection insurance brokers and advisers are seen as specialists in the area that are easy to reach out to, to really do best by the client. Protection insurance can be massively beneficial, so we need to start to really show its worth.

Kathryn, Roy and Tom might have had slightly different views on things, but there was something that they all agreed on. That the industry must work together as one to make a change. It’s not just down to the insurers or the advisers to make this happen, all aspects of the industry sector should come together in order for real change to take place. There’s a number of great examples of this already working, through the Protection Distributors Group, Income Protection Taskforce, BIBA’s Signposting to Specialists system and the Access to Insurance working groups. This now just needs to be done on a bigger scale.

To listen to all of the interesting comments made throughout this episode, you can listen below.

Check out the Practical Protection Podcast website to listen to more episodes.

Remember, if you have listened to this as part of your work, you can claim a CPD certificate on the website, thanks to the podcasts sponsors Octo Members.

If you would like to know more about how to arrange protection insurance, take a look at Kathryn’s Protection Insurance in Practice course.

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Client Reviews

"Alan and his team were great! Alan helped get me cover where my own company could not (I work in financial services too!) Would highly recommend and will come back in the future."

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"Leanne couldn't have been more helpful and thoughtful with her questions and work on my enquiry."

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