Holloway Friendly’s inaugural survey reveals 73% believe income protection should only be sold through advisers.

The income protection company carried out its first adviser survey in association with Assureweb. The survey, distributed to hundreds of users who had quoted on Assureweb’s IP comparison service and the wider adviser community, also showed that 76% of those surveyed think that short term IP policies have a place in the current market.

The survey asked specific questions and garnered comments regarding the IP market to understand adviser’s views on income protection.

The survey results revealed:

• 73% of advisers thought income protection should only be sold through advisers.
• 76% of advisers thought short term IP policies have a place in the market.
• Only 12% of advisers preferred to deal with large corporations compared to 38% who preferred to deal with smaller niche product providers.
• 59% of advisers thought the ‘any occupation’ definition relating to IP should be abolished.
• 88% of advisers thought that GPs should move insurance company requests up their priority list.

Only 39% of advisers thought that there was enough competition in the income protection market at the moment and while almost the same number gave an opinion neither way it shows there is an appetite amongst a large number of advisers for more products and more competition in income protection. There was also a clear requirement from advisers for clearer occupational guides from IP providers across the board.

Mat Manser, sales and marketing director for Holloway Friendly, said: “We used this survey, a first in what will be a regular series, to gauge sentiment regarding the IP market as a whole. The surveys will help us better understand client and adviser needs so that we can continue to innovate.

“There were some interesting results, especially regarding short term IP policies, the selling of IP and advisers attitudes towards GPs. As a direct result of the survey and the advisers’ comments, we are reviewing our occupational guide. Although not directed at Holloway in particular, the consensus was that advisers would appreciate occupational guides that are clearer and easier to use.”

The next Holloway Friendly survey, through Assureweb, will be released in November 2013.