Edwards discussed the detrimental effect that product providers sticking to the same routine is having on the industry, confirmed by figures showing that critical illness cover has fallen 21% and income protection is down 24% year-on year. Preliminary figures for 2014 are rumoured to show a further significant drop in demand.
He insisted that instead of cutting prices and adding complexity to product ranges, advisers need to utilise digital technology to become the local expert - working within the local community to become the ‘go to’ person for advice.
He explained:
"At the moment in the short term I think the only way that we're going to grow the protection market is by advisers becoming much more social.
"The social financial adviser is the future of the protection market and it will be the way that we can grow the market in the short term."
He went on to discuss the reasons that deter people from buying protection, including perceptions of covering being too expensive, and the belief that companies routinely avoid paying out.
The solution, Edwards argues, is to get more people in front of an adviser for a face-to-face discussion. With more claims paid out than ever before - in the region of 98-99% according to some firms - Edwards argues that the industry should be "trumpeting these stats from the rooftops", overcoming previous bias by pushing out positive stories online.
He concluded:
"I believe we need to use digital technology to push more people into a face to face meeting with a FA. We now have the digital technology to allow you to tell your stories.
"The only way to grow the market is for all of us to push these positive messages out there and the more we'll balance out the negative ones.
"That for me is the only hope for the future growth of the protection market."
