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The Future for Protection

The Future for Protection. Protection Review 2013. The Future For Protection. People desperately need protection Why? Because Protection is “sold and not bought”? We need to start dealing with, and talking to, customers in their language and with their expectations in mind, not ours.

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The Future for Protection

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  1. The Future for Protection Protection Review 2013

  2. The Future For Protection • People desperately need protection • Why? Because Protection is “sold and not bought”? • We need to start dealing with, and talking to, customers in their language and with their expectations in mind, not ours. • If we can do that, the future will purely be about growth.

  3. Intermediated marketWorld Leaders? We have come a long way: • Premium reduction • Point of Sale decisions • Medical evidence & underwriting times • Claims payment rates • UK Life Insurance penetration is 7.7% GDP compared with 3.6% in US (Swiss Re Sigma 2011)

  4. Growth1) Advised market • An element of the market will always need and want advice • But we’re not making it easy to run viable businesses selling protection • We need to help advisers sell protection and we need more to do it • How?

  5. Growth2) Aggregators

  6. Growth3) Getting the mass market to buy protection • Simple process leads to more sales • Optimum value is no good if no-one accesses it • Genuinely simple access is a “must” for mass market • Lots of opportunities to partner with distribution

  7. GrowthWhere will be in 10 years? • Unprecedented risk in maintaining the status quo? • Unprecedented opportunity to grow the market? The world is moving fast – if we do nothing there is a risk we are left behind.

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