Almost 60% of advisers have indicated their support for a single occupation list for all products across the life insurance industry. At time of publishing, 57% advisers are in favour of the idea of a single occupation list, 40% are against and 3% are undecided as to whether this would be a benefit.
One of the dissenting voices is key risk adviser, Paul Underwood. Mr Underwood believes that the variety that exists between each of the companies’ occupation lists provides him with the flexibility he may need with some of his clients and prospective clients at the point of sale.
The argument of variety and flexibility is coupled with the argument from some of the insurance companies about the competitive advantage that would be lost in some key occupations and occupation categories if there was an effectively generic occupation list.
But with almost 60% of advisers supporting the notion of a standard occupation list for the industry because of the benefits that it would bring to advisers and their clients, as well as to insurers and researchers (eg no more confusion between advisers and clients, much more efficient new business processes and systems), the question is whether the benefits (and potential costs) outweigh the negatives.
Our poll remains open, so if you have yet to have your say on this topic, the final results of which will be made available to riskinfo readers and all life companies, Vote Now!
