The threesixty research team has completed the process and markets review, three times a year we conduct a 'deep dive' into the product market to review our research and processes to ensure they are still fit for purpose. We also perform a data update three times a year. January saw us look at our Protection Research.
Protection market update
The withdrawal of AIG Life from the UK protection market in August 2024 has been the main change in a relatively static market. In respect of new products for inclusion on the research only the Scottish Widows Income Protection Plan has entered the market in the last 12 months and has been added to the research.
From a regulatory perspective the FCA have confirmed that it plans to launch a market study into how protection products are sold as well as the use of commission arrangements (announced in August 2024). One potential long-term disrupter to the market is the passing of the second reading of the assisted dying bill and its entry into committee in the house of commons in January 2025. It is unclear how end of life will effect protection products and whether any underwriting requirements will change in the future in response to any changes in legislation.
Another point of interest is ongoing challenges with the NHS. Research published by the Association of British Insurers in November 2024 noted 'a record 4.7 million people were covered by Private Medical Insurance (PMI) through their employer in 2023 – the highest in more than 30 years of data collection'. Should this level of demand continue it will be interesting to see how the market will develop and how PMI policies will innovate to meet prevention as well as cure in future years.
New features
We have added the following features to help with product differentiation :
- Maximum sum assured - Details of the maximum sum assured available both in respect of Life or earlier Critical illness have been added to our Life and Critical illness Research. This is because we have noted some significant differentiation and felt it would aid advisers with high-net-worth clients.
- Repatriation cover - Details of policies which offer repatriation in the event of death to the UK and either to other countries or back to the UK for treatment has been added to our Private Medical Insurance Research. We have noted good differentiation in the products on our research and feel it would be considered an additional benefit.
- Large case discount - Details of the policies that offer a discount for high sum assured clients have been added to the Business Protection Research. This is due to the fact we have noted some differentiation in the and felt it would aid advisers with high-net-worth clients.
- Individual care consultant - Details of the policies which offer an individual care consultant has now been added to the Long Term Care Research. Though currently only offered by one provider we felt due to the nature and life stage of clients requiring these policies it merits highlighting on the research.
Pensions & Investment data update
As part of the data update performed on all of the Pensions and Investment Research, we refreshed the data and changes to providers featured can be seen by subscribing to our Product Change Logs. You can subscribe to them as well as other useful updates from the Research team at email subscriptions.
Next update
The next product review by the threesixty research team is scheduled for May, with a focus on a detailed Investment review and data updates for Pensions and Protection Products.
This revised content aims to deliver a professional and cohesive overview of the product updates and market insights, while emphasizing the importance of staying informed on regulatory changes and product innovations.
