Protection news
27
AEGON launches at-
One year on
Sandy McPherson,
retirement planning tool
head of marketing at
Paymentshield, wants to
get positive
One year on from the very
AEGON has launched a free Unsecured Pension), advisers must important addition to our suite of
online planning tool to assist take into consideration the varied investment and retirement plan-
public abandonment of Lehman
financial advisers in determining needs that different clients have ning tools, helping advisers meet
Bros that further enflamed the
the suitability of various retire- before determining the most the changing needs of their clients.
credit crisis and subsequent
ment options for clients approach- appropriate product mix for them. Customer's needs and attitudes
recession, has there been a
ing retirement. AEGON's solution helps advis- towards retirement today are sig-
cultural shift in the way banks
In May, AEGON launched a ers consider various elements such nificantly different to what they
do business?
whole of market investment and as the client's need for a secure were in the past. Many people Those waiting for the end of
retirement planning tool to help income in retirement, life cover, intend to carry on working past this story should prepare for a
advisers create professional finan- tax free cash, critical yields, life- their normal retirement age
long haul as the banks largely
cial plans for their clients. The At time allowance, as well as attitude because they feel too young to
ignore government pleas to
Retirement Planner is part of the to investment risk and existing retire, while others may be plan-
ratchet up lending to
ongoing development of this solu- pension arrangements. Client- ning to phase in their retirement
businesses and customers and
tion, providing guidance for advis- friendly reports ensure the results in stages. With this changing
to move away from the short
ers with clients who are consider- of this analysis can be explained retirement landscape, AEGON is
ing retirement imminently. and demonstrated to the client. committed to developing new
termisim and bonus culture
When assessing the suitability of Gordon Greig, head of individ- solutions to provide customers
that got us in to this mess in the
the various at retirement solutions ual marketing at AEGON said: with more choice and flexibility
first place. Only the other week
(Annuity, Phased Drawdown and "The At Retirement Planner is an when approaching retirement."
President Obama made a
speech to the NYSE saying he
would force through legislation
Insurance fraud rockets
if necessary if bankers did not
change their behaviour,
In the UK the Financial
Ombudsman Service appears to
New research reveals that insur- continue to get worse as they made. Over half (57%) have seen
ance fraud is continuing to rise, envisage the top issue facing them a rise in the number of completely
have become emboldened by
despite soaring to record levels in in the next 12 months will be the bogus claims made, followed by
the fallout from the crisis and
2008. credit crunch further fuelling inflated claims (54%).
has come out with all guns
Nearly three quarters (74%) of fraudulent claims, followed by Other scams on the increase
blazing. For the first time it has
the UK's leading Insurance Fraud fraud being committed at the include the number of serial
published the names of the
Investigators (IFIs) interviewed point when people first take out claimants (47%), activity by crimi-
biggest offenders in terms of
by Ordnance Survey have seen an their policies (43%). nal gangs targeting insurance complaints received by its
increase in fraudulent claims since Over two in five (44%) have companies directly (42%), activity office. It has done so in an effort
the beginning of 2009 and the seen an increase in the volume of by criminal gangs targeting insur- to name and shame individual
problem is showing no signs of fraudulent claims made and a sim- ance policy holders (35%) and
firms into resolving the
levelling out. ilar number (46%) have seen an people lying on application forms
complaints themselves.
Four out of five (80%) investi- increase in both the volume and in or withholding information to
According to FOS figures more
gators believe the situation will the monetary value of claims save money on policies (33%).
than nine million individual
complaints were made to
Intermediaries must add-on insurance
financial firms in the 2006-2008
period.
We need to quickly restore
Mortgage brokers and intermedi- only make a significant difference their knowledge of a product,
confidence in the financial
aries are missing out on vital to the level of cover a client has they're not going to be confident services industry and there are
income by failing to sell add-on in place to protect their home, in recommending it to their good stories out there.
covers to buildings and contents they can also boost an intermedi- client."
For example, Paymentshield
policies. ary's income. But many of the Add-ons provide additional
currently helps some 6,000
This is according to general brokers we speak to are nervous cover for specific events that
families in Britain stay in their
insurance provider Assurant. about selling them. It appears aren't covered in a standard
homes following the loss of
Kevin Paterson, sales & market- that there is a chronic lack of buildings and contents policy.
their jobs in the recession.
ing director, explained: understanding of what legal The most common add-ons
"Additional covers - often expenses, for example, does and include legal expenses, home
Other firms are doing similar
referred to as add-ons - to build- doesn't cover. It's not surprising emergency, multi- appliance war-
great work. Let’s hear more
ings and contents policies not that if a broker isn't confident in ranty and gadget insurance.
about it.
www.mortgageintroducer.com October 2009 Mortgage Introducer
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