Financial advisers believe innovation leading to faster underwriting is the most important requirement in the individual protection market to help drive growth.
HSBC Life surveyed over 100 independent financial advisers and found 50% calling for the underwriting process to be accelerated.
The research also found 42% want to see a greater range of products in the protection market for people who rent homes, while 39% believe the market for individual protection needs to evolve with more products designed for millennials.
More than a quarter (29%) of advisers believe clients would be more interested in protection services if they offered access to additional services such as helplines or virtual GPs.
While 32% of advisers believe there is a need for products offering enhanced mental health coverage, 30% think there is a need for products that offer short-term cover.
Changing demands
Mark Hussein, chief executive of HSBC Life (UK) and head of insurance UK, said: “The insight of advisers is vital to shaping innovation across the protection industry.
“They understand intuitively the changing demands of customers and are all too aware of any barriers to sales.
“Recent events are driving a rapid evolution in sales and customer engagement and we will increasingly see how the innovative application of new technologies can break down many of the current barriers to market growth.”
