The Protection Review 2015 at London’s Landmark Hotel saw more reception to PPI. According to Roger Edwards of Roger Edwards Marketing, not all principles of the disgraced payment protection insurance should be shunned.
He said there was a lot to learn about the awful sales practices for PPI and the claims practices down by banks. He meant it in reverse. He meant to say that the product was all about protecting the customer. Edwards made it clear that if the insurance policy was sold to the right personnel, the policy’s price and effort would have been worth it.
“Putting aside the awful sales practices for PPI and nefarious claims practices it was quite a nice product in that it was easy to apply for.
“If there was some way you could embrace using those principles in income protection without having the tainted image of PPI that might be a way to make it simpler.”
PPI has become a stigma of the protection industry. Considered a ‘dirty word’ by most insurance personnel, many had dropped getting payment protection insurance or any form of payment protection due to the possibility it may be mis sold.
Fortunately, the scandal is showing signs of abatement. But still, it would take more years until PPI is finally considered a revolutionary product once again.