CI Expert’s system has managed to influence £120bn of insurance decisions since its launch a decade ago, according to director Alan Lakey.
Speaking at the critical illness comparison service’s 10 birthday party, Lakey (pictured) also told guests that the service was now regularly used by over 40% of protection advisers.
“We’re extremely proud that the last 10 years has seen some 24,000 advisers entering 1.1bn clients into the system with an average sum assured of £108,000 which translates to an astonishing £120bn of insurance decisions influenced using our system,” Lakey said.
“What is not seen is the work of our back office team supporting advisers with 9,893 adviser enquiries managed in the last year as well as the hundreds of webinar sessions that reached nearly 5,000 advisers,” he added.
Touching on children’s CI cover, Lakey reflected that in 2012 not a single policy covered children from birth or extended cover beyond the age of 18 nor were there any child specific conditions such as down syndrome, muscular dystrophy or spina bifida.
He added that today as many as 12 child specific conditions can be included.
The growing importance of children’s cover Lakey noted, led CI Expert to include the numbers and ages of children to realistically assess their value and now 85% of all comparisons on the CI Expert site include children.
The event also saw CI Expert hand out nine awards to CI insurers and advisers which the firm said had been most supportive and influential in the critical illness market and its development over the last decade.
The winners were:
Most Innovative Critical Illness Product Designer: Tim Lewis
Best Added Value Leadership: Aviva
Critical Illness Signposting Champion: Future Proof
Best Critical Illness Business Development: Gerry McCormick
Best Critical Illness Leadership: Lucy Brown
Best Growth of Critical Illness Initiative: Mike Boyle – St. James’s Place
Critical Illness Journalist of the Decade: Jeff Prestridge
CIExpert Champion (Individual): Ann Richmond – Mortgage Advice Bureau, Mortgage Group (NI)
CIExpert Champion (Company): Vita
