PruProtect joins existing providers Friends Life, Legal & General, Zurich and Liverpool Victoria (LV=) in the revised five-strong panel. The decision to re-contract with four of the original panel members is testament to the success of the Openwork Select Panel, originally launched in 2010 and now utilised by over two-thirds of Openwork advisers, with the remainder choosing to retain a single-tie to Zurich.
The tender exercise was deliberately constructed to encourage competition and align remuneration, ensuring a focus on consumer outcomes, including price. Accordingly, the revised structure ensures a wide range of benefits and features, with clear differentiators between providers, each with a solid track-record in delivering customer service. The new construct, alongside investment in front-end technology, makes it easier for Openwork advisers to make informed decisions between providers and design the correct solutions for clients.
Mark Duckworth, Managing Director, Distribution and Marketing at Openwork says:
“PruProtect offers a very different proposition from ‘traditional’ critical illness providers, with an allowance for multiple severity-based claims and its Vitality Programme which rewards healthier lifestyles. Our other four providers’ strong offers complement each other well and give real strength to our panel.
“The new Panel, alongside the changes to the commercial construct and our point of sale systems offer a compelling proposition for both our advisers and their clients in this vital market.”
