Contributing to increased income protection (IP) sales and awareness was the stand out achievement of her time as co-chairwoman of the Income Protection Task Force, according to Katie Crook-Davies.
Crook-Davies (pictured) is stepping down as IPTF co-chairwoman, a role she has held since the start of 2021, to focus on her Tabei business and it expands its actuarial product.
She will be succeeded by Vicky Churcher.
Increase in IP sales
Speaking to Health & Protection about her impending exit, Crook-Davies said top of her list of achievements had to be helping increase income protection sales.
“We’ve seen growth in recent years, with a 22% increase in the number of IP policies written in H1 2023 alone, according to the GenRe Protection Pulse report,” Crook-Davies continued.
“Everything we do at the IPTF is ultimately with this goal in mind, so to see our work coming to fruition is an amazing thing.”
Raising awareness among young people
Crook-Davies noted one of the jointly set values by the leadership team was to be bold.
“Personally I’m proud of the work I’ve led which aimed to raise awareness of IP among young people through social media and our own consumer-facing brand Ziggy’s Money Moves,” she added.
“And while we didn’t always have the required expertise, not to mention the huge marketing budget needed to build a consumer brand, IPTF members got behind this bold cause and have dedicated time and energy to this, which has been fantastic to see.”
The right decision
Touching on her decision to step down, Crook-Davies described it as “tough” but the “right one”.
“I’ve thoroughly enjoyed my time leading the group with Jo and Andrew and I’m proud of what we’ve collectively achieved with our members, specifically achieving our ultimate mission of growing the IP market,” she added.
“While there’s of course lots more work to do and more IP growth to come, it felt right to bring a new perspective to the group, to influence the next step in the journey.
“At the same time, it allows me to take the next step in my career journey with dedicated focus on transformational technology and reimagining actuarial processes with Tabei’s new product solution, T+1.”
Focus on T+1
It is that which Crook-Davies will now be diverting her attention to.
“T+1 is our latest product solution at Tabei. It’s an actuarial modelling platform that delivers speed, pricing advantage and cost certainty to insurers, reinsurers and distributors,” she continued.
“We see a huge opportunity to embrace the latest technologies to bring more efficiency and agility to what have become rather outdated processes and we’re engaged in some exciting conversations with innovative organisations who recognise there’s a better way to do things.
“This is just the start for t+1 and we’re looking forward to what’s to come.”
On hand to support the next stage of the journey
As for her soon to be former colleagues, Crook-Davies wished them every success for 2024 and beyond.
“I couldn’t think of a better individual to take my place as co-chairwoman, bringing a fresh perspective on the work and future direction of the IPTF and I know that this powerful team will keep the IP market moving in a really positive direction,” Crook-Davies said.
“Next year will be an exciting year for the IPTF, with a new leader in place, and big plans for members, which will be shared on 21 November.
“The last three years have been quite transformational for the IPTF and I know that next year will build on this – continuing to grow the market while returning more value to members.
“And while I’ve stepped down from my leadership position at the IPTF, I’m not going far and will always be on hand to support the group in the next stage of their journey where I can.”
