IFAs say supermarkets are no threat in the protection sector
Tue, 16 Jun 2009
Despite the growing presence of supermarkets in the individual protection arena, only one in 20 advisers consider them as serious competitors.

Aegon's seventh IFA Insights Survey, revealed that only six of 100 IFAs asked said that they saw supermarkets as a business threat and instead they pinpointed banks, building societies, internet sellers and comparison sites as a serious threat. The survey also found when recommending providers, there was a continuing over-dependency on price or rate with more than eight in ten respondents naming this among their top three factors.

Advisers dismissed the impact of supermarkets as more and more providers look to utilise their big-brand presence to reach the mass market. In April, Friends Provident announced a deal with retail giant Tesco to distribute protection products direct to the consumer (D2C).

It joined LV= who have teamed up with Boots, PruHealth also with Boots and Legal and General who have signed up with Sainsburys in agreeing a distribution deal with a well-known high street brand.
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