Defaqto: preferred and used protection insurers
Defaqto’s 2020 Protection Service Review is free on registering. Highlights of the 2019 review can be found here and here. The research ranked protection providers according to advisers’ use and preferences. These results are summarized in the table below.
Defaqto also covered the most used products and the top 10 service areas for protection advisers.
Most used and preferred insurers
Columns 1 and 2 show the most used and preferred insurers. Column 3 shows (part of) my segmentation: a reminder is here.
What stands out
- More use of most. It seems that most insurers were used more in 2019 than in 2018. Odd? Perhaps Canada Life and Zurich are going backwards. This was a survey of (only) 275 advisers.
- Aegon and LV= have displaced two of my first segment insurers, for use and preference.
- Old Mutual Wealth has closed to new business.
- Friendly Society Income Protection specialists are headed by The Exeter followed by British, Cirencester, Holloway and Shepherds. Another is OneFamily, with its over-50s plan.
- Lutine is a proudly specialist provider of shorter-term protection cover.
- HSBC has had a life licence for years, re-entering the market with competitive rates in 2019.