What levels of life insurance business do you expect to write in 2020?
- More than last year (54%)
- Less than last year (25%)
- The same as last year (20%)
Loading ...Advisers appear to be mostly ‘bullish’ when it comes to the level of life insurance new business they’re looking to produce in 2020.
As we go to press, one in two advisers think they’ll be writing more risk business this year, while the remaining 50 percent think they’ll write the same (19%) or less than last year (31%).
There will probably be additional considerations for most advisers this year, as the sector heads into previously uncharted waters of regulatory reform which will have a significant impact on all stakeholders.
We outlined some of these reforms last week, which include:
- The commencement of transitional licensing for financial advice providers
- Implementation of the Financial Services Legislation Amendment Act 2019 (FSLAA)
- Implementation of the Code of Professional Conduct for advisers
- New minimum education standards
- Updated disclosure requirements
More change is on its way, but the sense we get from our poll results is that many advisers appear to be already prepared for what some have referred to as the ‘tsunami of change’ that will roll across the financial advice sector during 2020 and beyond.
Where do you stand, especially from a risk advice and risk new business perspective? Do you align with the 50 percent of your peers who, despite the coming changes, are optimistic that their risk new business levels will increase in 2020?
Or are you on the other side of the equation, where you’re either not sure about your risk new business levels this year or think your current production levels will reduce?
Our poll remains open for one more week and we welcome your views…