Income Protection Task Force joins campaign against the use of list based definitions in income protection policies
The Income Protection Task Force was founded by CWC Research and Le Beau Visage and is made up of reinsurers, providers and distributors. The IPTF brief is to dramatically increase the sales of income protection to consumers. To achieve this the IPTF engages with advisers and the industry to understand the barriers stopping consumers from buying protection insurance.
The group also looks at the positive aspects of products, promoting the value of Income Protection to a wider industry and consumer audience.
Clive Waller, managing director at CWC Research, told COVER: “While it is not for me to speak on behalf of all IPTF members, payment of legitimate claims has always been at the top of the Task Force’s agenda and continues to be.”
“I believe it is essential that we move to own occupation definitions wherever possible and I welcome Cover Magazine’s campaign. I look forward to progress in those difficult areas such as house person’s cover where we still need to work for a better and more customer friendly definition of exactly what constitutes a claim.”
With the IPTF on board with two major UK insurers it can only be a matter of time before insurers realise that one way to dramictically increase the sales of protection insurance is to start providing policies that do what they say on the tin.