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Every day thousands of people up and down the country choose insurance products to protect their families and loved ones. Those families, the life insurance advisers who help them and the insurers who provide the products are ‘the protectors’.
In recent years a rogue element has entered this chain; a small number of mainly offshore lead generators have been producing fraudulent advertising as well as mishandling and reselling consumer insurance data. These firms care very little about the detriment they can cause to customer outcomes.
Many within the protection industry question whether lead generation – the process of advertising to and then introducing a consumer to an intermediary – is making the industry more accessible to the general public or merely commodifying and reducing the value of an insurance policy.
This paper highlights:
This paper recommends that the risks posed by using online lead generation can be mitigated and controlled by setting a universal standard of data exchange and certification, that will enforce transparency from the first click to the sale of a policy.
This paper was initially published in June 2020 by Contact State and LifeSearch.
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