Adam Phillips of the Financial Services Consumer Panel calls
for the insurance industry to focus more on the needs of consumers.
The panel is calling for a programme of simple, straightforward
messages to help get consumers thinking about their insurance needs. It is
concerned that millions of consumers lack appropriate provision.
Adam Phillips comments, "There is a huge unmet need for
appropriate products. There are worrying shortfalls in the take up of insurance
products. The industry needs to develop simple messages similar to the food
industry's "five portions of fruit and vegetables a day". These need to use simple memorable rules of
thumb. Straightforward products which are good value and likely to meet the
expectations they create are essential if we are to ensure more people have
adequate protection against financial uncertainty."
