Drewberry a founding member of new lobby group for insurance brokers

 

Drewberry is an independent, whole of market insurance intermediary that strives to match our clients with the best possible protection policies for them. 

 

We know we’re not alone in wanting the best results for our customers, which is why we’ve banded together with nine other likeminded insurance advisers to form the Protection Distributors Group (PDG).

 

This is a working title for the new body, which is due to launch soon and will lobby for change in the protection market to improve customer outcomes. Drewberry is one of the initiative’s ten founding members, made up of some of the UK’s leading protection insurance brokers.

 

The new group will use its collective power to push for positive changes in the protection industry to benefit consumers. We’ll also be talking to all the big industry bodies if that’s necessary to achieve our goals.

 

One big aim will be to raise the profile of protection insurance with consumers and improve its image so that more customers can have confidence in the policies on the market.

 

This is particularly important given that recent Drewberry research shows that customers’ perceptions of the payout rates on policies are consistently lower than the reality. Despite the Association of British Insurers (ABI) publishing statistics that reveal insurers paid out on 97.2% of claims made in 2015 across life insurance, income protection and critical illness cover, recent polls by Drewberry have placed consumers’ perceptions on payout rates at as low as 50%.

 

Obviously this is concerning, as consumers’ misconceptions that insurers only pay out on half of all claims made could be deterring them from buying vital protection for themselves and their families. This is why boosting the profile of the industry is an important and one of the key priorities of the Protection Distributors Group.

 

There are no membership fees for the first year and we welcome applications from any UK protection distribution company seeking to join.

 

Tom Conner, Director at Drewberry, said of Drewberry’s part in the group: “Drewberry is delighted to be joining together with some of our leading peers in the world of insurance intermediaries to form this group.