3 protection trends to look out for in 2016
4th January, 2016
With 2015 being another year of challenges and change for the industry, we look at 3 top trends that could change the way providers offer critical illness, income protection and life insurance policies in 2016 and how you can directly engage with your policy.
Keeping it simple
2015 saw several providers expanding their critical illness products to cover as many illnesses as possible. But this can add confusion for customers and doubt that the policy is the best value for them. That is why 2016 is set to be dominated by a drive towards the transparency and simplification of products and policies so that customers can understand exactly what is covered and why.
The power of storytelling
With so many protection myths still clinging onto the industry, advisers and providers will continue to work hard to break down the barriers and help educate customers on the need for protection. 2016 is set to be the year of storytelling. This will mean real life stories about how a lack of critical illness cover and income protection has changed people’s lives. It is easy to assume that some things will just not happen to you, but for a surprisingly small amount, you could get the peace of mind you deserve.
Embracing the digital age
Undoubtedly one of the biggest changes set to continue in 2016 is the way that providers are using new technology to help customers engage with protection. Online and video technologies such as Skype will even help streamline the way policies are taken out.
Not only this, but wearable technology will also have a big part to play in 2016. Some leading providers now offer products, such as Vitality Optimiser, that uses data from wearable technology to give customers the chance to receive rewards and even premium discounts for keeping fit and healthy.
Protecting yourself from unforeseen financial circumstances could turn out to be a new year’s resolution worth sticking to in 2016. So if you would like to find out more check out our quotes page or give us a call.