Protection Guru (PG), the multi award-winning technical information service and protection value comparison tool for advisers, today publishes data that shows the recommended products by those UK-based advisers using the Protection Guru Pro (PGP) service in the first two quarters of 2024 (January-March/April-June). The data shows a divergence between traditional market shares and products recommended when value and price are considered in line with Consumer Duty Regulations.
PGP is the only service that allows advisers in the UK to look at quality and price to assess value across the full suite of protection products, covering life insurance, critical illness, income and business protection. By combining these measurements, advisers can filter the vast number and variations of protection products, and only compare the products that meet their clients’ needs.
The data highlights that when quality and price are considered, Royal London and Guardian attract a considerable share of recommendations, while adviser recommendations for Vitality products increased quarter-on-quarter. Overall, the analysis found that across all products advisers using PGP tend to recommend the fourth or fifth best product which fared 9th or 10th by price alone. This suggests an increasing shift to quality products in the market. This demonstrates that when advisers follow the FCA’s Consumer Duty requirements and identify value by assessing quality and price they are typically balancing both factors to get the optimal client outcome.
Source: PGP H1 2024 data
Ian McKenna, Founder of Protection Guru, says: “By taking price and quality into account across the full range of protection products, we give advisers the tools to do their job in the best possible way, and follow the FCA’s guidance under the Consumer Duty Regulations. The data demonstrates our service is driving real changes in adviser behaviour – leading to better consumer outcomes.”
