Open banking technology could be utilised to improve how clients buy protection products and help “transform” take up across the industry, according to Financial Technology Research Centre director, Ian McKenna.
Speaking at Protection Review's ProtectX5 event today (9 September), McKenna discussed how tools already exist for the industry to improve engagement with protection. "Open banking has transformed the amount of information available on an individual's income and expenditure," he said during his presentation. "So why can't we build products with the flexibility to allow for increases or reductions in cover proportionate to individuals' circumstances? "Advisers worry about setting up plans that, when a claim is made, there may not be a payout due to fluctuations in income. The technolog...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Members only access to monthly programme 'The COVER Review'
- Be the first to hear about our CPD accredited events and awards programmes.
