- 738% increase in the use of the Protection Guru Pro Quality, Price and Value comparison service in 2023
- 37% Increase over the same period in the use of the Protection Guru-powered ‘Product Features Report’ which within iPipeline’s Solution Builder service compounding 25% growth in year ending December ‘22
- Service now supports over 7,000 advisers who account for 65% all site visits to ProtectionGuru.co.uk with 20% increase in site use in ’23.
Protection Guru, the multi-award winning InsurTech and technical information service for protection advisers, was created 5 years ago this month. Its mission was to enhance advisers’ knowledge of protection products and to grow the number of firms advisers giving protection advice.
Protection Guru supports the generation of insight and analysis to better inform advisers through detailed, written technical analysis. The service also provides unparalleled protection research both through its own services e.g. Protection Guru Pro and via APIs and microservices into third parties like iPipeline and UnderwriteMe.
Protection Guru continues to go from strength to strength with a 20% increase in site use in 2023, while the core propositions each achieved substantial growth too. Last year was especially significant with the FCA Consumer Duty regulations coming into play, requiring advisers to base their recommendations on value, rather than the previous price-only criteria applied by the Financial Ombudsman Service. Protection Guru Pro’s Quality, Price and Value comparison service saw a 738% usage increase 2023.
Protection Guru also implemented an integration with UnderwriteMe’s Protection Platform which has enabled advisers and their clients to receive acceptance of cases with medical disclosures in minutes rather than the weeks or even months traditional processes can take. Unlike other integrations with the underwriting engine, Protection Guru’s is two-way, enabling a full exchange of data between both services.
Mark Cracknell, Commercial Director of UnderwriteMe has highlighted that “Our integration with Protection Guru is unique and market leading. There is no other integration that delivers a comparable proposition to the adviser. This again meets an important Consumer Duty requirement to let consumers know of any special terms that will apply to them as soon as possible.”
Protection Guru’s analysis of critical illness conditions is conducted via a panel of Harley Street doctors, epidemiologists, consultants and other medical specialists. Protection Guru believes if advisers are seeking technical analysis of complex medical conditions, it is essential this is carried out by people with extensive medical qualifications. While industry practitioners may have a good understanding of risk, doctors who have years of professional training and decades of first-hand practice are the best people to assess the small print of medical conditions.
Commenting on the dramatic increase in the adoption of the Product Features Report service, Protection Guru founder and CEO Ian McKenna commented:
“I’m delighted to see so many advice firms using one or more of our services to change their protection advice process, in line with the new FCA requirements. One of the core principles of Consumer Duty is the focus on making sure the selection process advisers go through with their clients includes quality as well as price evaluations.
“When looking for insurance to protect the people you care about most and to secure your own financial future, we know clients value this choice. When presented with protection options, our internal data identified that given the choice between the cheapest plan and a better contract, 85% of clients opt for better plans. The year-on-year increase of ‘Product Features Reports’ also demonstrates advisers have embraced and built the new changes into their business processes.
“We are also currently compiling data on how advisers’ recommendations change when they prioritise value over price. Early indications suggest this is a major driver of change in the market and that, where advisers have changed their processes, Consumer Duty in protection is working. We will publish findings on this later in the year.
“What we do know is our proposition has allowed advisers to focus on comparisons based on quality and value first; a real game changer for those using the service.”
It has just been announced that Protection Guru has been shortlisted for InsureTech of the Year and Disrupter of the Year, at the 2024 UK Fintech awards, while Ian Mckenna has been shortlisted for Director of the Year
