Adapting IP for an era of uncertainty

12 July 2010

According to Treasury information leaked to the Guardian recently, chancellor George Osborne’s austerity Budget will cause 1.3 million job losses in the next five years.

The losses are predicted to affect the public and private sectors equally, with up to 600,000 jobs going in the public sector, and up to 700,000 in the private sector.

We are moving into a new economic epoch where the rules and standards of the previous decade no longer apply. We used to leverage - now we pare back debt. Once there was a queue of borrowers eager to get a foot on the property ladder - now that ladder has been removed.
Businesses must look at what they offer and decide whether it is fit for purpose.

This is the case for those in the insurance industry as much as anywhere else. We must listen to brokers and respond accordingly.

Brokers have been asking for a more flexible income protection product for some time and this is something we have been working on with our underwriters.

Brokers need a product that is not overcomplicated - one they can sell with confidence, knowing the requirements of their clients will be met. We have met that challenge and the fruits of our labour will be unveiled shortly.

The expected wave of unemployment will drive customers to brokers seeking to protect their main asset - their home. By offering a flexible and easy-to-sell IP product brokers will be able to offer comfort to clients while earning commission.

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