Using data to keep on winning

As I write, already in May, the protection season is in full flow. What begins as a slow start in January, a grid of providers and distributors creeping forward, soon springs into gear. Everyone racing at full speed. There will, inevitably be the odd safety car along the way, as we go through typical downtime such as Easter, but hopefully 2024 won’t see more full race suspensions like COVID.

So, looking at the data for the race this year so far, it’s clear that track conditions are good. Given a number of headwinds the market continues to push through including the tail (it could be a long one) of the cost-of-living- crisis, a depressed housing market and the continued uncertainty created by Consumer Duty and its ongoing impact on protection advice. The picture looks good so far.

Both quote and application volumes processed through our leading portals are ahead of their ’23 split times and it is clear there is one current clear leader.

We were delighted to report that Income Protection is in prime form and is quicker than ever. April saw our record week for IP quotes / applications, and there is no sign of it stepping off the gas any time soon.

But, as with any race, there are far more stories developing behind the lead, as driver and manufacturer battles continue to rage. Our data has also seen quite a large shift in the provider placings, as the impact of performance, tactics and race set-up continues to evolve. We think there could be some interesting placings when the season comes to close.

That’s why in-race management is so important. Races and seasons are won and lost by those who understand the emerging trends as they take place, not after they happen. It could be tempting to think that within the protection market providers have weeks or days to analyse, to go into the ‘pits’ and make decisions, but the provider race moves faster than that. Pricing updates and product pivots are made by some in hours, not days or weeks. In the world’s most competitive protection market, every second counts.

What’s more, race conditions are changing continuously too. We’ve just seen the announcement that two leading manufacturers are to join forces and become the market’s latest supercar, as if both weren’t super enough anyway.  These changing dynamics also impact the competitive landscape and staying competitive is the key to winning the race.

Reflecting on my previous article in the December edition, I talked about forward thinking providers. Providers who are at different levels of data maturity yet recognise it is a necessary investment and requires close analysis to make those all-important data driven decisions in order to succeed.

This is all proof that data is fundamental to driving our industry forward. I’m thoroughly enjoying my new role working alongside those providers who can see just how vital data is for their journey, and I can’t wait to see who closes out the 2024 season as champion.