"We’re delighted to welcome another major insurer - Scottish Widows – to our IP Insight Zone, especially in support of their new IP product."
- Paul Roberts, Proposition & Distribution Director at CIExpert
According to the latest research commissioned by Scottish Widows, less than one in ten (8%) adults in the UK have protection in place yet 42% worry that their household wouldn’t cope if they were unable to work due to ill-health or injury.
In response, Scottish Widows has today launched its new flexible Income Protection (IP) product to help bridge the IP gap. This product has been designed to be simple for both new & experienced advisers.
Scottish Widows’ IP policy includes fracture & hospitalisation benefits as standard with no extra charge, rehabilitation/proportionate benefit as a top-up payment to help customers return to the workplace, and partnership benefits such as ‘Clinic in a Pocket’ (included in cover) to access GP services 24/7 and receive GP sick notes, as well as dedicated personal nurse service via RedArc.
Customers will receive immediate income payment whilst their claim is being assessed, provided a GP note is supplied and once the deferred period has passed and Scottish Widows won’t decline an IP application for mental health without an underwriting review conducted by a real person, rather than AI; the provider will also ask the customer if they’re doing anything to improve their health so it can provide better underwriting rates.
Furthermore, Scottish Widows is offering a price lock promise which guarantees the quote for up to twelve months, subject to underwriting terms being imposed. If a customer’s earnings have reduced, as long as their monthly claim payment is more than £1.5k, Scottish Widows won’t pay them less than this.
READ MORE: Scottish Widows launch new IP offering & enter long-term commitment with IPTF
Designed to support Consumer Duty requirements, CIExpert’s Insight Zones offer advisers a comprehensive, bird-eye view of all policy options, including information on payment levels, maximum benefits, deferred periods, policy limits, claims data, smoker treatment, and annual statements. These Insight Zones are verified by the respective insurers to ensure accuracy.
Scottish Widows is the fifth provider to join CIExpert’s IP Insight Zone.
“We’re delighted to welcome another major insurer - Scottish Widows – to our IP Insight Zone, especially in support of their new IP product. The interactive tools and insights offered will be invaluable for both novice and experienced advisers, helping to demystify the complexities of protection products,” explained Paul Roberts, Proposition & Distribution Director at CIExpert.
He said: “We’ve collaborated closely with Scottish Widows not only to integrate them into the Insight Zones but also to link to their own sales support tools from within the same single, centralised protection hub. We look forward to continuing this development together.”
Rose St. Louis, Protection Director at Scottish Widows, added: “Delivering good outcomes for our customers is a shared aim both for Scottish Widows and the advisers we work with. That’s why having access to CIExpert’s Insight Zones for Scottish Widows protection plans can help them better understand customer journeys and bring to life the quality, flexibility, and simplicity of our newly launched IP offering.
“This, in turn, will hopefully give them the tools for meaningful conversations with customers, so that together we can continue working on closing the nation’s protection gap and providing a financial safety net in the moments that matter,” she concluded.
