Technology on the rise say advisers - Protection Review

clock

The demand for more technology is up this year, with most variations on the technological theme ahead of last year, according to The Protection Review.

This year's Protection Review book, a revieew of current trends in protection, which will be launched at its awards dinner on 11 July, polled the Personal Finance Society (PFS), the professional body for the financial planning profession in the UK, on attitudes and expectations towards technology.

It found social media remains the laggard, although that is up significantly from its very low base last year.

Most respondents (over 80%) said underwriting is the area which would most benefit from technology improvements. Underwriting is on a solid upward trend, with 84% of respondents expecting improvements in technology in this area.

Kevin Carr, chief executive of the Protection Review commented: "Given that technology now drives how most of us buy motor and household insurance, for example, this is perhaps a recognition that our industry is indeed falling behind and needs to invest more in technology to help grow business overall."

As a supplementary question, the Review asked about the use of social media.

That some advisers are behind many of their clients in the use of technology is reflected in the fact that almost half still do not have a smartphone and one in four works for a business that has no website.

• 72% said their firm had a website.
• 16% said they used Twitter.
• 51% said they used LinkedIn.
• 26% said they used Facebook.
• 64% said they liked to complete business online wherever possible.
• 14% disliked applying for cover online.
• 54% said the online experience was generally good.
• 22% said it was generally poor.
• 56% said they had a smartphone.

 

More on Adviser / Broking

Opportunities for the life insurance industry from Budget proposals

Opportunities for the life insurance industry from Budget proposals

Protection driven by IHT changes

Paula Steele
clock 22 November 2024 • 4 min read
Claims and Underwriting: Securing cover with liver disease

Claims and Underwriting: Securing cover with liver disease

“It was racing against the clock”

Jaskeet Briah
clock 21 November 2024 • 6 min read
Two senior hires for SBG

Two senior hires for SBG

Catherine Darroue and Rebecca Luter join

Cameron Roberts
clock 20 November 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read