Ageas Introduces Product Labelling
Posted on:
20
Oct
2011
by Huw Thomas
Ageas Protect has launched product labelling on its pre-sale marketing material in order to better inform consumers.
Taking inspiration from food labelling, which informs consumers about the level of fat or salt in a product, the Ageas’ system takes into account the major needs consumers need to consider, including death, specified critical illness terminal illness, long term sickness disability and unemployment.
Ageas is the first protection provider to introduce this type of labelling. Initially, the labels will be added to the Key Facts Documents of Ageas’s menu-based YourLife Plan, beginning in November. If this proves to be a success, labels will be rolled out across all consumer-facing material.
Commenting on the move, Ageas Protect managing director Martin Werth said: “The protection gap is becoming a dull factor to quote, but it is still getting bigger due to the tough economic climate and negative industry issues. When consumers are aware of the need to take out protection cover, they tend to use the internet to find what they want and often the only product they know about is level term cover. We believe product labelling helps to address this issue and should be used more widely. We have tested this concept with a number of advisers who all believed the initiative to be an extremely positive one.”
