Reassuringly refreshing The Future for Protection Protection Review 2013 Landmark Hotel 11 th July 2013.

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Presentation transcript:

Reassuringly refreshing The Future for Protection Protection Review 2013 Landmark Hotel 11 th July 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.  If we can do that, the future will purely be about growth. 3

Intermediated market World 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

 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? Growth 1) Advised market 5

Growth 2) Aggregators 6

Growth 3) Getting the mass market to buy protection 7  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

Growth Where 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.