Holloway Friendly, the original income protection company, has carried out its first adviser survey, in association with Assureweb. The survey, distributed to hundreds of users who had quoted on Assureweb’s IP comparison service and the wider adviser community, also showed that three-quarters of those surveyed (76%) think that short term IP policies have a place in the current market.
The survey asked specific questions and garnered comments regarding the IP market to understand adviser’s views on income protection. The results will enable Holloway Friendly to build on its 130 year history to ensure it continues to provide the products and services needed to protect workers who may otherwise not find cover.
The survey results revealed:
- 73% of advisers thought income protection should only be sold through advisers.
- 76% of advisers thought short term IP policies have a place in the market.
- Only 12% of advisers preferred to deal with large corporations compared to 38% who preferred to deal with smaller niche product providers.
- 59% of advisers thought the ‘any occupation’ definition relating to IP should be abolished.
- 88% of advisers thought that GPs should move insurance company requests up their priority list.
Interestingly, only 39% of advisers thought that there was enough competition in the income protection market at the moment and while almost the same number gave an opinion neither way it shows there is an appetite amongst a large number of advisers for more products and more competition in income protection. There was also a clear requirement from advisers for clearer occupational guides from IP providers across the board.
Additional comments added by advisers highlighted the difficulty advisers find in educating their clients of the need for income protection, but encouragingly it also confirmed the majority of advisers understand the importance of IP themselves. Adviser comments included “Income protection should be promoted as the most basic and essential cover for individuals” and “Income protection is generally undersold and its importance not recognised. It should be easier to get cover and the underwriting for occupation is too fussy and mixed with providers taking different views.”
Mat Manser, sales and marketing director for Holloway Friendly, said:
“We used this survey, a first in what will be a regular series, to gauge sentiment regarding the IP market as a whole. The surveys will help us better understand client and adviser needs so that we can continue to innovate.
“There were some interesting results, especially regarding short term IP policies, the selling of IP and advisers attitudes towards GPs. As a direct result of the survey and the advisers’ comments, we are reviewing our occupational guide. Although not directed at Holloway in particular, the consensus was that advisers would appreciate occupational guides that are clearer and easier to use.”
