Emma Vaughan , Head of Protection and Health Solutions , SimplyBiz

The landscape of the protection market within the financial services industry is undergoing significant evolution , driven by changing consumer needs , technological advancements , regulatory developments , and the ongoing global economic climate . Protection products , including various forms of insurance and risk management solutions , play a crucial role in safeguarding individuals , businesses , and assets against unforeseen risks and uncertainties . This dynamic environment is reshaping the way protection is conceived , designed , distributed , and experienced , presenting both opportunities and challenges for stakeholders across the financial services ecosystem .

ONE OF THE DEFINING TRENDS IN THE PROTECTION MARKET IS THE GROWING EMPHASIS ON A CONSUMER- CENTRIC APPROACH

. As consumers become more aware of the risks they face , and seek personalised solutions , financial institutions , and insurers are tailoring protection products to meet individual needs , highlighted recently with changes from Guardian and Vitality . This includes customisable insurance coverage , flexible policy terms , and enhanced customer engagement through digital platforms . The rise of insurtech startups and technology-driven insurers has further accelerated this shift , offering user-friendly interfaces , streamlined underwriting processes , and seamless claims experiences .

Technology is reshaping every facet of the protection market . Insurers are investing heavily in digital transformation to enhance customer experiences and operational efficiencies . Online platforms , such as SolutionBuilder , and mobile apps allow consumers to research , purchase , and manage insurance products with ease . Artificial intelligence and data analytics are revolutionising underwriting , risk assessment , and fraud detection , enabling insurers to offer competitive pricing and improved accuracy .

6 | PROTECTION ADVISER | AUTUMN 2023 |