PruProtect says it is "reviewing" entry into the direct-to-consumer (D2C) space, putting it in direct competition with financial advisers.
Currently PruProtect offers cover exclusively via advisers, and actuarial and product director Deepak Jobanputra says the insurer is "heavily invested in looking after intermediaries".
But he did not rule out PruProtect moving into selling straight to consumers, a step advisers have argued would put the insurer in direct competition with intermediaries.
"We are constantly reviewing the D2C space," he says. "There is room for both. Consumer groups who for whatever reason don't want to speak to an adviser need to be served."
Nevertheless he says he was "surprised" by recent comments from Aegon, Zurich, and Aviva they have no plans to boost product ranges far beyond their current offerings, despite a recent survey by Scottish Provident suggesting 64% of IFAs want more protection product development over the next 10 years, compared to the last decade.
Jobanputra says: "People's lives are changing rapidly. If we offer them the same proposition without changes, we are doing them a disservice
"I strongly believe there is huge scope for innovation and that as an industry we are doing ourselves down if we can't live up to the expectations of intermediaries and consumers."
Adviser education and help with client segmentation will form the bulk of the strategy at Aegon, Zurich, and Aviva, though they add they expect to make "enhancements" to current products and welcome input from advisers on changes.
Jobanputra says providers need to drag the industry away from a preoccupation with price and towards providing products which are relevant to people's lifestyle
"The market has, for too long, competed on price and is in danger of looking inwards on itself. We have been apologetic and ashamed about protection too long. It is time for this to change."
