Protection Viewpoint 2024: Making Protection Personal

Protection Viewpoint 2024: Making Protection Personal – what can we expect?

With just two weeks to go, we have issued a teaser for this year’s Protection Viewpoint: Making Protection Personal, with some preliminary findings from this year’s report.

Developed in partnership with Royal London and Legal & General, the report explores crucial themes including service standards, the impact of Consumer Duty, how customers review their protection needs, and perceptions of the advice process.

The study surveyed 3,000 consumers and over 300 advisers. Notably, 41% of advisers believe that Consumer Duty has improved the quality of consumer outcomes. Moreover, the research indicates that Consumer Duty has led to increased adviser engagement with protection insurance – 41% are having more protection conversations and 31% are discussing a broader range of protection products (up from 24% in 2023).

It also found a shift in consumers taking a greater lead in raising protection with their mortgage adviser. A fifth (21%) of those who took out a mortgage through a broker asked them about protection, compared to 11% in 2023. Four in 10 (44%) said their adviser raised protection with them compared to 50% in 2023.

Initial key findings from the study include:

Gen Z interest in protection – 65% of young (Gen Z) consumers view income protection as important and 13% have it, compared to 48% and 5% of Gen X;
Adviser interaction: 29% of protection policyholders sought advice. Of those, 34% recognised it as advice because it was delivered face-to-face (rising to 56% among Boomers), 22% because they “spoke to someone”, and 21% based on the adviser’s title;
Timing of protection discussions: 15% of those who did not take out protection with a broker said earlier conversations about protection may have encouraged them to do so. More advisers now introduce protection in the fact-find (38%) than at the introduction (36%).

The full findings will be presented at a virtual launch event at 9 a.m. on Tuesday the 5^thof November 2024, along with key strategies to increase protection insurance uptake, providing valuable insights for advisers, advice firms, and insurers. You can register for the virtual live launch now.

This year’s report, titled ‘Making Protection Personal’, highlights the importance of focusing on the customer’s individual needs and goals. Over the past five years, we’ve gathered important insights, and we’re excited to share actionable ideas to help firms and advisers overcome the barriers identified in our study. We encourage everyone to join us on November 5th to hear more about these insights and learn how they can grow their business.

Robert Sinclair

AMI Chief Executive

With the eagerly anticipated AMI protection viewpoint report just weeks away from being launched the initial key findings will be warmly welcomed. There has been a markable rise in advisers having more protection conversions and introducing a wider variety of products, as well as an increase in the occasions where consumers are raising the question of protection with their advisors, showing they are very much open to discussions. These insights are going to shine a light on the opportunities available to advisers in the protection space and the full report promises to deliver.

Rachel Lummis

Mortgage & Protection Adviser, Xpress Mortgages

Consumer Duty really is emerging as a game changer for customers. We are already seeing an increase in the quality of advice, products and ongoing service and I think we have yet to see its full impact. Coupled with increasing interest in protection among younger people, and the change in how advisers are making it a more integral part of the advice process, we will undoubtedly see better outcomes for customers and more opportunities for advisers. It’s now up to us as an industry to maximise this opportunity for all.

Carrie Johnson

Protection Director, Royal London

The upcoming report highlights the great work and progress that we’re seeing, but also some key learnings and areas of opportunity. Tailoring protection to individuals is crucial for meeting the varied needs of modern consumers. Importantly, AMI's Protection Viewpoint: Making Protection Personal report not only offers essential insights, but it also equips advisers with strategies to help them better serve their clients and further improve industry engagement.

Vikki Jefferies

Market Development Director, Legal & General Retail

Championing Advice

Shaping the Future

Protection Viewpoint 2024: Making Protection Personal – what can we expect?