How to bring certainty and clarity to every Critical Illness recommendation

Despite claims statistics consistently exceeding the 90% mark, the general public’s view of the Protection industry is one of caution, if not suspicion. As one provider’s claims report landed in our inbox earlier this year, we were delighted to see they’d paid 92% of Critical Illness (CI) claims – what about the other 8%? Of the 11 claims not paid, 8 were declined due to misrepresentation with only 3 claims not meeting the CI definition, that’s 2%. So, whilst it’s never nice to have to explain to a client that their claim has been declined, is the public’s perception justified?

CI definitions have improved exponentially in terms of both scope and clarity over the past decade. We’ve found the language used in product literature has become clearer and easier to understand, thanks in no small part to the Consumer Duty requirements.  However, with a client’s two biggest concerns with CI being “Will it pay out?” and “How much will I receive?” navigating a CI recommendation without qualitative tools can be a challenge.

Even with the trend of simplification, CI definitions are by their very nature complex, containing detailed medical terminology which will mean very little to the layman. To address this Protection Guru’s analysis is underpinned by a panel of independent doctors who assess and score each definition from each provider, allowing advisers to compare conditions side by side confident that a medically qualified expert has analysed and scored the definition.  Whilst definitions from insurers may look very similar, an “and” instead of an “or” can make a massive difference in coverage, Protection Guru Pro (PGP) helps advisers navigate this complexity with ease.

In addition to the PGP tool, we regularly share insights from our panel of doctor’s highlighting key definitions explaining in clear simple language what the condition is, details of incidence rates and treatments, and which providers offer the broadest coverage for the condition.

To support the adviser community in delivering their Consumer Duty obligations, Protection Guru run a series of six, weekly webinars to support those protection conversations.  During this hour-long webinar we’ll explore the differences between definitions, explain how PGPs unique scoring works and outline how advisers can present the analysis using either a short, or detailed report. And of course, we’ll answer any questions and signpost those valuable resources mentioned earlier.

If you’re a new PGP user, we’ll show you how to obtain a 30-day free trial, and how to link the pricing and underwriting feeds enabling you to highlight value to your clients from day one.

We’ve a total of six, hour long webinars, you’ll see the date, time, and themes below, these are refreshed weekly, so you’ll always see the schedule for the next six weeks:

Wednesday 17th September 1pm-2pm – Exploring Income Protection Advice

Tuesday 23rd September 3pm -4pm – The importance of regular reviews and how to compare legacy products

Tuesday 30th September 10am – 11pm – Providing Life Protection advice for Mortgage and Wealth Management advisers

Wednesday 8th October 3pm – 4pm – Why only assessing Critical Illness plans for Quality & Value fails FCA Consumer Duty requirements – And how to fix it

Monday 13th October 9am-10am – Are you missing out on the best way to cover families cheaply? The case for Family Income Benefit

Friday 31st October 12pm- 1pm – Selecting the best value Critical Illness plans for your clients