ABI Displays Empathy
In a rare display of public empathy, the Association of British Insurers (ABI) says that life companies must do more to design products with consumer needs in mind.
ABI head of distribution policy, Peter Jolly, said that life companies have failed to properly engage with consumers.
"I guess the evidence of that is we need to sell them. If we had products that people really wanted they would come and buy them and most of the products in our industry are designed to be sold, rather than bought.
And the industry's failure to develop a new regular premium savings product is probably evidence of that. As the endowment market tailed off we don't really have a replacement."
The endowment market "tailed off" because it was a lousy product, not fit for purpose and badly managed.