Wealth Management company say life insurance industry will self-destruct

Fri, 01 Feb 2008

According to Wealth Management Company Winterthur, the life insurance industry could self-destruct over the next five year period, unless it takes an active role in backing the Retail Distribution Review’s aim of putting the customer above all else.

The CEO of AXA and Winterthur, Mike Kellard, made it clear that other companies would take over the market unless the life insurance industry key players learn how to communicate and adapt. A central tenet of this ongoing development would be to prevent customer confusion by providing life insurance in the most simple way possible.

Kellard reportedly spoke out at the Rethinking Life Insurance 2008 conference in London . He pointed towards a streamlined life insurance market, reportedly concluding: "While not ignoring many of the good proposals that feature in the 900 plus responses to the FSA’s discussion paper, the RDR’s prime aim must be to simply close the gap in trust and improve the business model so consumers understand and value what they are getting."
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