Our review of 2023 concludes with Q4, during which the FCA revealed concerns about how insurers were addressing terminal illness benefits attached to life insurance policies, the third annual Health & Protection Awards took place and we brought readers a new conference set for 2024 in the Middle East.
October
At the start of October the Financial Conduct Authority (FCA) raised serious concerns about how insurers are addressing terminal illness benefits attached to life insurance policies in its terminal illness review.
October also features the Health & Protection Awards. At a glittering ceremony more than 750 advisers, insurers and other representatives gathered together to celebrate and recognise the industry’s achievements.
At the Awards, Aon CEO for UK regions David Battle and Association of Medical Insurers and Intermediaries (AMII) co-founder Sue Smith were recognised for their outstanding contributions to the health and protection industry.
Medical regulator the Care Quality Commission (CQC) also took the step of downgrading its rating for Doctor Care Anywhere, which provides remote GP services to Axa Health, to requires improvement.
November
In November, Health & Protection’s second Individual and Business Protection report was published revealing a market walking a tightrope as new business sales rose but in-force members remained largely unchanged.
The Association of Medical Insurers and Intermediaries held its annual summit at which Paralympian champion Ellie Simmonds told delegates it was good to accept there are times when you will be nervous and she performed best when she felt nerves.
While November is also Autumn Statement month, the Conservative government also used the day to reveal it was still considering if it will cut taxes or provide any other support for employers and employees who take out private medical insurance (PMI) or group risk policies through the workplace.
The month also saw Legal & General appoint James Shattock as its next managing director for UK protection, while Pippa Keefe has succeeded him as commercial director.
December
In December Health & Protection published our Workplace Health and Protection Roundtable in association with HelloSelf, where panellists discussed the importance of picking the right tools and ensuring employers understand their workforce’s needs.
Our special Moving PMI Forward microsite in association with Vitality also went live, exploring the sustainability of PMI.
As well as hearing from VitalityHealth managing director Dr Keith Klintworth, we sat down with leading intermediaries to hear their perspectives, as part of a roundtable discussion that sparked plenty of illuminating debate.
Keefe would hit the headlines once more at the Protection Review’s annual conference where relating her own personal experience, she would urge the protection sector to do more to support the ongoing needs of younger people who suddenly find themselves permanently disabled.
The month also saw the FCA confirm the private medical insurance and protection insurance advice sectors will not form part of its Advice Guidance Boundary Review.
VitalityLife managing director Justin Taurog told Health & Protection how the insurer was tackling churn and lapse rates, reducing loaded commissions and supporting mortgage brokers.
And looking ahead to 2024, Health & Protection revealed our first Middle East IPMI Conference for advisers, intermediaries and brokers working in the international health insurance sector in the region.