07 WINTER PROTECT NEWSLETTER have been other amendments too. There have been whispers of more potential new entrants too, and we will keep you posted on this, as always! Our Healthcare sales have also been impressive this year as more employers and individuals are turning to Private Healthcare. We have a panel of Providers and support available if it is something you wish to consider, find out more here. Tech and Artificial Intelligence (AI) AI is playing a greater role in the Provider world; underwriting models, pricing and claims experiences are just three areas that the major Providers are using AI for. Likewise, in the distributor world, there is call listening technology that supports the assessment of client vulnerability, but it is at an infant stage in most cases. Clearly with limited experience comes ‘limited value’ AI; sometimes it can be so narrow in its learning that it becomes something of a self-fulfilling prophecy. So, as distribution tech is at the early stages I would personally think seriously about adopting as part of any internal processes until the quality can be verified. Key learnings from 2024 to take into 2025 - “Expect the unexpected. Focus on what you can control” 2024 was a record-breaking year for elections; around the world, more than 2 billion voters in 50 countries headed to the polls. Geo-political uncertainty still reigns, with stock markets not fully settled on the impacts on the global economy. In the UK, our change of Government is starting to impact interest rates and potentially housing availability, which is positive for our market – if it delivers! Lloyds reported half of UK mortgage holders could see their payments increase over the next three years, the Bank of England has said. It estimates that about 4.4m mortgages are expected to see payments rise by 2027, including £500-per-month hikes for around 420,000 households. However, about a quarter of borrowers are set to see payments fall, and the Bank said households were better equipped to cope with mortgage repayments than predicted earlier this year. The clear message from all of this is that most advisers have survived a pretty tough 2024 and are well-equipped to cope with the challenges of 2025 and beyond. Focussing on what you can control has never been more important commercially. There are huge opportunities out there for 2025 when it comes to protection, whether you do this internally or refer to a signposting partner – once again, you can find out more about our selected partner for this here. Paradigm Protect: An award-winning proposition We’re absolutely thrilled to have picked up some prestigious industry awards as we celebrate our tenth anniversary this year, including: • Winner - Outstanding Adviser Network - COVER Excellence Awards • Winner - Distributor of the Year - Scottish Mortgage Awards • Winner - Best Protection Network/Club - Protection Review Awards (for a second year in a row!) • Winner - Customer Excellence: Service Providers - Legal & General Quality awards Over the years, we’ve tried to develop a proposition that adds real value beyond just commission – including the widest panel of Providers in the DA space, no loaded premiums, our CPD Academy, Protection Helpdesk and CPD events to name but a few! I must offer a personal thank you to all of the team involved in delivering those services to you, but the biggest thanks go to you, our business partners for Protection, who continue to put faith in us to deliver those services for your clients. All of us at Paradigm Protect are looking forward to continuing to support you into 2025. Finally, let me take the opportunity to wish you, and all of your families a Happy Christmas and a prosperous and healthy New Year!
RkJQdWJsaXNoZXIy MjI4MjU4NQ==