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Protection industry unites to raise consumer awareness

February 2009 News

More than twenty insurance companies have pledged to work together to raise awareness about protection among consumers.

The Consumer Protection Insurance Engagement campaign will see both insurers and reinsurers fund marketing activity designed to promote the industry and the work it does protecting people against the financial effects of ill health.

Representatives from some of the organisations - 22 in total so far - met at the London offices of RGA, the reinsurer, in late January to formalise the funding arrangements behind the marketing campaign. Cicero Consulting, the London-based consultancy firm, has been charged with delivering both research and recommendations and is due to report by the autumn.

Jason Hurley, head of sales and marketing for RGA UK, said he was hopeful that even more organisations will join the campaign in order for it to be “truly pan-industry”. While a television advertising campaign is one potential avenue to follow, the group remains “open minded” about how it will proceed.

Hurley, who is on the executive committee, said: “The protection insurance industry is clearly keen to raise its game and to engage with consumers ever more effectively.”

He added that the group’s aim is to develop and conduct research into whether and how consumers can become more aware of their protection insurance needs. The group holds a “common belief” that the consumer is inadequately protected against the financial effects of personal catastrophe.

In addition to Hurley, other members of the executive committee include Graham Harvey, managing director of protection at AXA, Alan Ferguson, marketing director for protection at Legal & General and Richard Jones, market director for protection at Scottish Widows. Tom Baigrie, managing director of Baigrie Davies LifeSearch, is acting in his personal capacity and will chair the committee.

CONSUMER CHAMPINS – THOSE ALREDY SIGNED UP TO THE CAMPAIGN

AEGON Scottish Equitable • AXA • Bright Grey • Bupa Individual Protection • The Co-operative Insurance • Exeter Friendly • Fortis Life • Friends Provident • Hannover Life Re • Legal and General • LV= • Munich Re • Norwich Union • Pacific Life Re • Prudential • RGA • Royal Liver • SCOR • Scottish Provident • Scottish Widows • Swiss Re • Zurich