The role of the annual statement

Although annual statements have proved to be a prompt to encourage some consumers to review their policies, many are seeking just the basic policy information from an annual statement. Details about how many claims the insurer has paid out sat at the bottom of the list (14% stated they wanted it on their annual statement). The top information requested from annual statements includes:

• 57% want to know what the policy covers
• 48% want to see the premium amount
• 46% want to know the policy end date
• 41% seek guidance on how to make a claim
• 40% want details on exclusions
• 40% want to know about additional benefits

Furthermore, 44% of consumers feel responsible for prompting a review of their protection, while 28% (rising to 32% among Gen Z) think insurers should take the lead. Among existing policyholders, 22% expect advisers to prompt reviews. Younger consumers, particularly Gen Z (27%) and Millennials (24%), are more likely to place this responsibility on advisers.

Similarly, 30% of advisers believe insurers should prompt consumers to review their protection needs, though a greater number (42%) disagree. The majority of advisers (83%) see it as their role to encourage regular reviews.