PPI revenue kept personal lending profitable
by Gill Montia
Story link: PPI revenue kept personal lending profitable
The Competition Commission has published details of its investigation into payment protection insurance (PPI), in which it claims that the lenders who sell the insurance can earn £1,200 on a policy that can cost only £20 to sell.
The Commission’s investigations follow complaints from consumer groups that PPI is expensive, unnecessary and difficult to claim.
The report […]
12m people covered by critical illness insurance
by Richard Kilner
Story link: 12m people covered by critical illness insurance
Dr Marius Barnard has described critical illness insurance as one of the largest policies in the UK.
Dr Barnard created the product fifteen years ago, and has said that over the course of that time it has been refined and improved.
When it was first introduced in 1983, critical illness insurance covered only four conditions.
The modern […]
Government consumer debt proposals could further thwart PPI market
by Gill Montia
Story link: Government consumer debt proposals could further thwart PPI market
Insurance experts are uneasy about the impact of Government plans to reform personal insolvency legislation on the payment protection insurance (PPI) market.
PPI is sold alongside personal loans and credit cards to covers policyholders’ payments if they have an accident, fall ill or lose their job.
However, the Government has this week outlined proposals that would allow […]
HFC Bank fined £1.085 million for PPI breach
by Gill Montia
Story link: HFC Bank fined £1.085 million for PPI breach
The Financial Services Authority (FSA) has fined HFC Bank £1.085 million for exposing 160,000 customers to potential mis-selling of payment protection insurance (PPI).
The fine is the largest so far made by the regulator in connection with PPI.
HFC is part of the HSBC group and trades under the Household Bank and Beneficial Financial brands, through its […]
LV= backs protection insurance reforms
by Gill Montia
Story link: LV= backs protection insurance reforms
LV= has responded enthusiastically to an industry-wide initiative regarding payment of protection insurance claims.
The friendly society has signed up to a new code of conduct, under which insurers promise to pay valid claims, except in cases of fraudulence or recklessness.
The insurer is also working to improve the disclosure process, stating: “Our innovative and bespoke UK-based […]
Britons frequently lie about their health
by Richard Kilner
Story link: Britons frequently lie about their health
A report by Norwich Union has discovered that Britons are less than wholly truthful when it comes to telling prospective employers or dates about the healthiness of their lifestyles.
Close to 50% claimed to be non-smokers, or thinner/fitter than they actually are.
The report found that 80% of people consider a healthy appearance to make someone look […]
Pru incentives promote fitness
by Gill Montia
Story link: Pru incentives promote fitness
Prudential has introduced incentives to help insurance customers maintain a healthy lifestyle.
The company’s PruHealth division has joined forces with a number of organisations that can help policyholders increase the amount of exercise they take, lose weight and stopping smoking.
Under the scheme, Cannons, LA Fitness and Virgin Active gyms will offer discounted membership to policyholders who […]
Consumer panel challenges FSA action on PMI
by Gill Montia
Story link: Consumer panel challenges FSA action on PMI
The Financial Services Consumer Panel (FSCP), the body that advise the Financial Services Authority (FSA) from the point of view of an independent consumer, has warned that new rules governing the sale of private medical insurance (PMI) will put policyholders at risk.
The FSA plans to put PMI in the same category as car and household […]
Nuffield and Mobile Doctors agree deal
by Richard Kilner
Story link: Nuffield and Mobile Doctors agree deal
Nuffield Proactive Health and Nuffield Diagnostics have a new, exclusive nationwide contract with Mobile Doctors Group.
All the rehabilitation, treatments and diagnostic services of Mobile Doctors will be catered for by Nuffield Diagnostics.
The deal will ensure that the insurer has a fixed price regardless of how many sessions are necessary, and that the claimant will be […]
Axa pilot project aims to close protection gap
by Gill Montia
Story link: Axa pilot project aims to close protection gap
AXA has launched a new training project aimed at helping independent financial advisers (IFAs) sell protection insurance.
The insurer has joined forces with Chisenhale Consulting, the sales training and development firm, to run a pilot programme that comprises a number of modules promoting the importance of client discussions on protection cover.
Participating IFAs will have the opportunity […]
eBay teams up with Prudential to promote healthy living
by Richard Kilner
Story link: eBay teams up with Prudential to promote healthy living
Private medical insurance premiums could be lowered simply by purchasing fresh fruit from the supermarket or shopping on eBay, due to the latest range of products of private medical insurance just released.
Private Medical Insurance firms have decided the best way to promote healthy living amongst their policyholders is to offer reduced gym membership fees, giving […]
LV overhauls Income Protection range
by Gill Montia
Story link: LV overhauls Income Protection range
Liverpool Victoria (LV), the UK’s largest friendly society, has overhauled its award winning income protection product range.
The improvements are aimed at simplifying products and making them more attractive to both financial advisers and their clients.
The main enhancements to cover are as follows: a simplified approach to business mileage; enhanced rates for teachers and dentists; improvements […]
Cassidy David improves web-based PPI sales facility
by Gill Montia
Story link: Cassidy David improves web-based PPI sales facility
Cassidy Davis Insurance Group, the personal lines insurer backed by Lloyd’s, has launched a number of improvements to its web-based payment protection insurance (PPI) sales platform.
The move is aimed at increasing the flexibility of product options for customers of intermediaries, intermediary networks and lenders.
The changes will enable distributors to manage the entire PPI sales process […]
BHSF acquires Forester Healthcare
by Gill Montia
Story link: BHSF acquires Forester Healthcare
BHSF, the Birmingham-based healthcare insurer, is acquiring Forester Health, a Kent-based company, for undisclosed terms.
Forester currently provides health cash plans and physiotherapy insurance to 53,000 policyholders.
The acquisition is only the second made by BHSF since 2001 but the company plans to grow further in this way, or through mergers.
BHSF is the UK’s third largest not-for-profit […]
Banks cheat PPI customers with 80% commission
by Gill Montia
Story link: Banks cheat PPI customers with 80% commission
The controversy surrounding Payment Protection Insurance (PPI) continues with the Competition Commission asserting that banks and other financial institutions are taking up to 80% of the premiums charged.
The Commission is investigating sales of PPI, in a joint undertaking with the Office of Fair Trading and the Financial Services Authority.
In 2006, consumers paid £4.4 billion […]
Celtic chooses BHSF
by Richard Kilner
Story link: Celtic chooses BHSF
Another big name in football has been added to the health insurer BHSF’s portfolio.
Celtic FC has become the latest team to choose BHSF as their provider for voluntary healthcare and insurance products for their staff.
BHSF now has such high profile teams as Chelsea, Manchester City and Reading as clients, in addition to Celtic’s custom.
Peter Maskell, […]
ABI revises PMI guidelines
by Gill Montia
Story link: ABI revises PMI guidelines
The Association of British Insurers (ABI) has published new medical insurance guidelines, aimed at giving consumers a better understanding of products.
The changes should ensure that PMI customers can understand what policies do and do not cover. They will also help consumers compare the products offered by different companies.
Definitions of medical terms used in all Private […]
FSA continues PPI campaign
by Gill Montia
Story link: FSA continues PPI campaign
The Financial Services Authority (FSA) has once again raised concerns about the sale of Payment Protection Insurance (PPI).
The Authority believes that many firms selling this form of insurance are not giving clear information about the cost of PPI policies or what they cover.
As a result of its latest investigations, the regulator has banned 11 […]
Prudential and Discovery launch Pru Protection
by Gill Montia
Story link: Prudential and Discovery launch Pru Protection
Prudential has extended it partnership with the South African group, Discovery, to form Pru Protection Holdings, which aims to secure an initial 10% share of the UK life insurance and protection market.
In the next few days, Prudential is launching 25 protection plans covering life insurance, critical illness, income protection and disability insurance.
The policies will be […]
BIBA launches Medical Malpractice Scheme
by Gill Montia
Story link: BIBA launches Medical Malpractice Scheme
The British Insurance Brokers’ Association (BIBA) has launched the BIBA Medical Malpractice Scheme, in a joint venture with FSJ, the UK wholesale division of Heath Lambert.
The scheme will provide members and their clients with access to competitive medical malpractice cover plus other enhancements and benefits.
FSJ has over 40 years of experience in placing cover for […]
