EY “Bridging the Protection Gap”

An interesting event at EY’s Head office in More London which included some research they carried out earlier this year. They contacted 1,000 UK consumers and a number of financial advisers to get reactions to the following questions:

How would consumers feel about providers using their personal data to drive new propositions and reduce premiums? How would they feel about more flexible cover? And what about “protection as a service”; for example helping people work out what to do with the pay-out.

Seems to me that all of these ideas have potential. But providers face a high hurdle. The research indicated that the level of trust in insurers is low; in particular when it comes to paying out claims. Clearly this is a challenge for all providers operating in this space. Maybe the ABI has a role to play here?