Programme
COVER Magazine is delighted to welcome you back to the COVER Protection and Health Summit.
Arrive early and start the day right by enjoying our welcome breakfast!
We start off the day with a welcome from our editor, Cameron Roberts.
The theme for this year’s COVER Protection and Health Summit is “Championing the value of protection and health”.
Join us to analyse the evolving landscape of our industry, exploring both past trends and future projections. This opener will examine the products that performed well in the last 12 months, as well as what trends are emerging that need to be on the minds of advisers.
As we navigate the challenges and opportunities ahead, it is vital we continue to champion the value of protection and health and move this agenda forward.
It has never been more important for regulators, providers and advisers alike to understand how consumers define value. This is a concept central to the consumer duty, but there’s no one size fits all as recent research illustrates. Value is subjective, but by considering how consumers make value judgements, and how these align with adviser assumptions, firms are better placed to meet client needs and expectations. This session will look at the research and highlight protection angles and opportunities for advisers and their clients in relation to value.
Technology has become an ever-present part of our lives, the role it will play in the future of advice and protection remains to be seen. It is critical that our industry understands how next-generation technologies can be used for creating positive customer outcomes.
This session will:
- Showcase examples of successful collaborations with tech providers.
- Discuss how collaborative technology can impact the advice process.
- Identify how advisers can utilise technology integration to enhance trust and support client conversations.
If the UK’s inactive population started walking – even just 5000 steps three times a week – it could save the NHS billions. That’s according to The Vitality Habit Index, research conducted in partnership with the London School of Economics (LSE), which uncovers the power that small habitual changes can have on our health and longevity. Adding to this, Vitality member data shows that those who engage in positive lifestyle choices live on average five years longer. In this session, Vitality’s Dr Katie Tryon will unpack the important role that protection and health insurance is playing in not just paying claims, but preventing them too.
Time to grab a coffee and meet our exhibitors.
Whilst we’re beginning to see the younger generation engage in protection, their methods of engagement and learning are very different to traditional consumer approaches.
It is vital we accept and adopt these differences into our strategies moving forward to avoid the risk of the protection gap widening. So, how can intermediaries adapt to the online culture and market themselves to Gen Z and the next generation?
This session will:
- Gain practical insights into bridging the gap between traditional methods and modern preferences.
- Explore the challenges and opportunities of reaching Generation Z in today's online landscape.
- Discuss the suitability of using various social media platforms as a source of news and information.
This presentation looks at the key drivers behind the growth of income protection sales. It will explore the evolving profile of IP customers, highlighting shifts in buyer demographics and identifying those who remain underserved. The critical role of advisers in sustaining market growth will be examined, focusing on the need for ongoing education, training, and support. Finally, we'll discuss the collective responsibility of all stakeholders to maintain momentum and drive future growth.
The FCA intends to launch a market study into the distribution of pure protection insurance products by insurers and intermediaries, following concerns that competition is not working well in the market. In this session, the Head of Competition Economics Department at the FCA will dive deeper into the scope of the proposed work.
The session will cover:
- The motivation behind the market study, including links to our wider work on the Consumer Duty.
- The issues the FCA intends to explore.
- Ways for advisers to engage with the FCA to influence outcomes.
Time for lunch - grab a bite to eat in the exhibition hall and grow your network!
Product Updates
HSBC Life will be hosting a panel discussion to explore how the industry ensures Critical Illness proposition and underwriting development stay focused on customer need. This includes customer inclusivity, value and trust.
Amidst the current state of the NHS, many are turning to private medical insurance as a reliable alternative for timely care.
This session will:
- Assess the costs and benefits associated with PMI.
- Recognise the importance of reviewing policy details for clients.
- Understand how to support clients seeking PMI.
Although evidence indicates that the majority of businesses would cease trading within a year if a key person died or became critically ill, there’s still a significant gap in awareness and knowledge of the importance of these policies.
This highlights the crucial role advisers play in initiating compelling conversations and ensuring their clients are well-informed when making decisions that can protect their business's future.
This session will:
- Explore the opportunities for advisers to move into the business protection market.
- Analyse the perceived barriers for companies wanting to access business protection.
- Educate advisers on how to initiate productive conversations with SME owners.
Wasteful, abusive and fraudulent behaviour costs life and health insurers millions in lost revenue and increased claims costs. Falsified documents, fake identities, ghost treatment sessions and illnesses, incorrect invoices; the list of abuse is endless and growing. We are all talking about how AI and Machine learning can help but exactly how does it do that? Join us for a 20 minute primer to learn more about how these technologies work under the covers and learn about some of the fraudsters our customers have stopped in their tracks.
Core Skills
Misrepresentation is not often talked about, but it should be. It’s an avoidable reason for declined claims and everyone wins if we minimise it. The answer lies in having an open discussion – and working together as an industry to raise the profile of this topic – to drive better, more accurate disclosure so we can pay more claims.
This session will explore:
- Why misrepresentation occurs.
- How the industry deals with it and the impact on the claims outcome.
- Handy tips on how to minimise it.
Protection has taken steps to increase the number of people covered in the UK, but how can the industry take it further and ensure we are serving a wider array of consumers.
This session will:
- Explore approaches for advisers to effectively reach and support underrepresented clients.
- Identify the challenges faced by these groups in accessing and understanding protection options.
Getting clients to see the value of cover is not always easy. As human beings, we naturally don’t want to consider our own mortality or that lifestyle choices directly impact our health. This has naturally made protection and health insurance a grudge purchase. In this session, Justin Garbutt, Director of IFA Distribution for Vitality, will unpack how rethinking the traditional insurance model can overcome psychological barriers to protection, while unlocking market opportunities by giving clients something they value from day one - not just at the point of claim.
Consumer Duty's emphasis on avoiding foreseeable harm has heightened the need to prioritise protection in mortgage adviser conversations.
This session will:
- Explore the evolution of client conversations from mortgage protection to holistic client care.
- Highlight strategies for advisers to grow their client base through referrals and signposting.
Time to grab a coffee and meet our exhibitors.
Consumer Duty is the topic of conversation in every part of the value chain, it is imperative that products are designed to provide the best value for money for the customers. In this debate, we will discuss whether providers are moving quickly enough to address the needs of Consumer Duty and what actions need to be taken moving forward.
Thank you for joining COVER Protection and Health Summit.
Please note that this programme is subject to change