Price is the main focus for business protection
Monday, 17 November 2008
Price is the main focus for business protection
- 85% of advisers place business protection based on price
- 52% say product features are an important factor
According to a recent survey by Bright Grey, a protection specialist within the Royal London Group, price is the biggest influence on an adviser's choice of provider when writing business protection business, with 85% of advisers basing their decision on cost.
With cost such a significant factor, Bright Grey has decided to extend its 5% reduction on business protection placed on its books until 31 January 2009.
The next two factors that influence an adviser's decision are service and product features. According to respondents these components are equally important, with just over half of all advisers evaluating providers' propositions based on these key areas.
Bright Grey's business protection plans come with its unique Helping Hand service, providing access to personal nurse advisers from RED ARC tailored to suit the business market. Through its Working Transitions service it also provides solutions to a range of practical problems associated with losing a key person to illness or death, including advice and support as well as recruitment and legal support.
Roger Edwards, Proposition Director at Bright Grey said:
"In the current climate especially, it doesn't come as any surprise that the majority of advisers place their business based on competitive premiums, but it's vital that other factors aren't overlooked and consideration is given to the product as a whole.
"Business protection propositions that offer the best value include a variety of different elements. That's why our decision to extend the 5% discount, the practical support we offer through Working Transitions, along with the service our highly experienced underwriters and dedicated customer support team give us a very powerful and competitive offering."
The offer applies to all business protection Life Covers, Critical Illness Covers and Life or Critical Illness Covers.
Bright Grey's flexible menu-based product is designed to suit businesses of all shapes and sizes and allows advisers to tailor a package to suit their client, regardless of the size of their business, or whether they need loan, share or key person protection.
Advisers interested in obtaining a business protection quote from Bright Grey through the Exchange should remember to tick the Key Person/Business Protection box on the Plan tab. Alternatively, quotes are available from www.brightadviser.co.uk.
-ENDS-
For further information please contact:
Bright Grey
neil.cameron@brightgrey.com
Tel: 0131 247 1677
Notes to Editors:
Figures based on a survey of 272 Independent Financial Advisers, conducted in October 2008.
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands
- Scottish Life - UK pensions market
- Bright Grey - UK protection market
- Scottish Provident - UK protection market
- Phoenix Life Assurance Limited - provides life and pensions products to Abbey's national branch network
- Scottish Life International - offshore investment markets
- Scottish Provident International - offshore investment markets
- RLAM - fund management
- RLAS - life and pensions administration
- Fundsdirect / Ascentric - funds supermarket; Wrap platform
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £32.4 billion. Group businesses serve around three million customers and employ 2,750 people. Figures quoted are as at 30 June 2008, prior to the acquisition of Scottish Provident's new business capabilities (in respect of individual life protection business) and of Phoenix Life Assurance Limited.