Stakeholders within the life assurance market need to work together to tackle the ongoing problem of cancellation and persistency rates, a national IFA has urged.
Jump Money is seeking to bring distributors, providers and media sources together to tackle the issues which it believes are a major stumbling block for the life assurance market.
In particular, the firm argues that providers in particular need to work to understand the significant differences and challenges that volume distributors, like Jump Money, face as well as understanding the nature of the enquiries they generate and the likely key performance indicators that this type of business will create.
Jason Butler, CEO of Jump Money stressed that the industry needs to look closely at the quality of media enquiries it generates in order to ratchet down the number of leads that cannot be fulfilled, are of dubious quality or have been targeted repeatedly in order to promote product churn.
He commented: "We want to see progress made on issues like policy cancellations and see an improvement across the market in terms of persistency rates.
"Our aim is simple, to work with such stakeholders to ensure they have an understanding of the challenges facing operators like ourselves and to ultimately make sure we can drive greater quality business while maintaining volume product distribution and advice.
"It is clear that to improve this area will require industry-wide consensus and co-operation plus a commitment to drive positive change from all stakeholders.
"However, we believe with support from all sides of the industry we will be able to deliver long-term success in these important areas...for all distributors and advisers active in the marketplace."
Jump Money predominantly offers life assurance and protection policy advice however it is also active in a number of other sectors including general insurance and private medical insurance.
