Press
2011

Bright Grey launches iPhone app

Bright Grey has today (9 November) launched ‘Bright Touch’, a free iPhone app that allows advisers to access product information wherever they are. The app gives detailed cover information for the provider’s personal and business protection menus. Advisers can also access interactive objection handling tools, information and videos on Bright Grey’s Helping Hand service and a list of FAQs.

Roger Edwards, proposition director with Bright Grey said:

“This is a great resource to have at your fingertips, whether scrolling through in preparation for meetings or using interactively with clients. ‘Bright Touch’ provides a great way of accessing key stats and information quickly and easily.

 “We deliberately didn’t include a facility to do real time quotes as advisers have told us they would prefer to do that from their desk. Where this app really stands out is in front of clients when handling objections. Advisers will be able to create a profile for their customers there and then which will give tailored answers to all the usual objections and will give an indication of how much their cover will cost.”

Commenting on the app, Peter Chadborn of Plan Money said:

“I can see this app being of tremendous benefit to advisers who want to access statistics and facts quickly when they are out of the office. And I’m pleased to see that Bright Grey has included case studies of plan holders who have used its Helping Hand service, as this is a great way to show clients the importance of selecting protection plans with valued features, rather than just the cheapest.”

The app is free to download and is available now from the app store or from www.brightadviser.co.uk/brighttouch

Bright Grey is currently looking at android, blackberry and other versions.

09 November 2011

Industry experts call for action to be taken to boost appeal of critical illness

• Six suggestions for improving the industry following key debate
• Call for an increase in education and communication
• ABI-led protection website one of the key recommendations

Industry protection experts have made some key recommendations on how to increase the appeal of critical illness products for consumers.

Following this month’s Future of Critical Illness summit, hosted by protection providers Bright Grey and Scottish Provident, a White Paper on how the industry can improve its critical illness offering is now available based on the suggestions made by the panel. The key call to actions include:

• Educate consumers as to the value of taking out critical illness policies
• Simplify the conditions that are covered and explain the likelihood of being able to claim
• Increased communication with charities, such as the Macmillan Cancer Charity, in order to raise awareness of the financial support that the product offers
• Greater use of social media to complement publicity that television campaigns will generate
• Production of a centralised protection information website, perhaps hosted by the ABI
• Selling of an additional smaller sum assured critical illness policy alongside a life policy

Commenting at the Future of Critical Illness debate, Roger Edwards, proposition director of Bright Grey and Scottish Provident, said: “Perhaps life insurance has been reducing in price so much that the choice people make in a recessionary environment is ‘I will go for the very cheap life insurance as opposed to the perceived very expensive critical illness’. Perhaps it should be routine to add £20,000 worth of critical illness cover to every life cover, to make it more affordable in the current economic climate.”

Commenting at the debate, Neil McCarthy, sales and marketing director, Direct Life & Pension Services, said: ““Consumers have a lot of priorities and they see protection in a much broader spectrum – from PMI cover, death cover, mortgage cover, to compulsory motor insurance for example. To a consumer, critical illness is just one part of the spectrum. They need to understand better the perceived value in critical illness.”

A full White Paper based on the findings of the event can be found at
www.uncovered-uk.com

03 October 2011

Bright Grey pays out 90% of critical illness claims

The protection specialist Bright Grey has announced that it paid 90% of critical illness claims in the first six months of the year, with only 4% of claims declined for non-disclosure.  The average pay out was £77,000.

The youngest claimant was 23 years old and a third of claimants were 40 years old or under. 61% of critical illness claims were for cancer, followed by heart attack10% and stroke 9%.

Roger Edwards, Proposition Director at Bright Grey said:

“Critical illness can happen to anyone at any time as the age of our youngest claimant shows. But while a financial payout is essential to help people to continue to make ends meet, practical and emotional help is also required.

“That’s why Bright Grey’s menu plan also includes its Helping Hand service available to plan owners and their immediate family.  Many claimants consider the emotional support they received through the service meant as much to them as their financial payout.”  

All customers are offered support by RED ARC nurses at the time of their claim and the value of that support is rated so highly that 9 out of 10 people who were contacted used the service.  

- Ends -

05 August 2011

Rates cut for Bright Grey reviewable plan owners

Bright Grey is delighted to announce that it has reduced payments for plan owners with reviewable life or critical illness cover. 

Payments for reviewable critical illness plans are guaranteed for the first five years, after which payments are reviewable. Reviews are carried out to determine whether the payment will be changed at the fifth anniversary and every year thereafter.

Ian Smart, Head of Product Development & Technical Support, at Bright Grey said:

"At a time when everything seems to be going up in price it is reassuring that reviewable rates for life or critical illness are actually reducing, especially as many people wrongly assume that reviewable rates automatically increase.  For consumers looking for a cost effective option, the reviewable premium represents excellent value for money and will provide peace of mind that loved ones will be looked after financially should the worst happen."

"These changes ensure that Bright Grey’s proposition continues to offer quality cover at competitive rates."

- Ends -

Editor’s Notes:

Over 1000 of Bright Grey’s plan holders will benefit from a reduction in their premiums of 3.2 percent.

21 July 2011

Bright Grey makes massive leap with its critical illness cover

Bright Grey has made significant changes to its critical illness cover by introducing seven new definitions, five of which will pay the full amount of the sum assured and two that will provide additional cover for early forms of cancer. The additional two definitions will pay 20% of the sum assured, over and above the original sum assured.The changes, implemented as of today (23 May), mean that Bright Grey now has a total of 43 critical illness definitions.

Introducing cover for ductal carcinoma in situ (DCIS), an early form of breast cancer, puts Bright Grey ahead of many of its competitors, who currently only offer cover for mastectomy. In addition, Bright Grey has upgraded the definition of stroke to ABI+ taking the total number of ABI+ definitions to nine.

The five new definitions are for:

• Pulmonary artery graft surgery - surgery to divide the breastbone
• Encephalitis - diagnosis of encephalitis resulting in permanent symptoms
• Intensive care 10 days - any sickness or injury resulting in a person requiring continuous mechanical ventilation for 10 consecutive days or more
• Multiple system atrophy - diagnosis of multiple system atrophy resulting in permanent symptoms
• Pneumonectomy - the undergoing of surgery to remove an entire lung.

The additional two definitions are for:

• Ductal carcinoma in situ (DCIS) – the undergoing of a mastectomy, partial mastectomy, segmentectomy or lumpectomy operation for early forms of breast cancer
  
• Low grade prostate cancer - tumours of the prostate classified as having a Gleason score between 2 and 6 inclusive.

Ian Smart, Head of Product Development & Technical Support, at Bright Grey said:

“With the treatment of illnesses such as cancer, stroke and heart disease constantly improving and with more people surviving conditions they would have died from 20 years ago, it is crucial that our critical illness cover keeps pace with these advances.“

“Introducing two definitions that will provide additional cover for people suffering from early forms of cancer is a big step forward in terms of offering IFAs even greater choice for their clients.”

23 May 2011

Let's (not) talk about sex

• Sex, death and money are least popular discussion topics in the home
• Ironing is the most hated day-to-day household chore
• But DIY and sorting out finances are put off the longest

Sex is the number one ‘life issue’ that British adults feel most uncomfortable talking about in the home according to a report from Bright Grey, the protection specialists. The Women and Protection report, which examines the levels of financial protection among women in Britain, reveals that some 22 per cent of people try to avoid talking about the ‘birds and the bees’ with their family, with this figure rising to 25 per cent of women, while talking about money ranks as the third least popular discussion topic in the home.

As well as avoiding taboo subjects, Britons seem to have ‘issues’ around household chores, particularly manual ones. A fifth of people listed ironing as the chore they most hate doing – rising to 28 per cent of women. This resulted in a quarter of people (25 %) putting off doing their ironing for at least one week.

While doing the washing up is the third least popular household chore, almost half of British adults (48 per cent) stated it was something that they tended to get done immediately. In contrast, sorting out their finances was described by just two per cent of Britons as their most hated chore, but this is also the task that they put off for the longest period.

Roger Edwards, proposition director at Bright Grey, said: “Sex, death and money are never popular discussion topics in the home - even today - and it seems people would rather leave some things unsaid than try and deal with the consequences. The downside of not talking about issues, or putting them off altogether is the equivalent to leaving the washing up in the sink – it all builds up until it’s a lot bigger than it was originally. In the case of the washing up it would probably just be a smelly house (or nothing to eat food off!) but in the event of a long term illness or disability the consequences of not having had these financial discussions could be far more serious.

“When financial conversations do happen it tends to be women that initiate them, with our research finding that 59 per cent of women are chiefly responsible for raising financial conversations in the home. But although women are looking out for their families they are not looking out for themselves and are leaving themselves under-protected.  Some 59 per cent of women do not have life insurance in place and over 84 per cent - some 21 million women*** – are without a critical illness insurance policy that could safeguard their finances and therefore their families in the event of a long-term illness or disability. Any women who are concerned about their protection levels should speak to an adviser or search this site for more information.


Top ‘life issues’ people feel most uncomfortable talking about in their family and want to avoid:

   
Top chores people most hate doing:

Top chores people put off:

- Ends -

* Opinium Research carried out an online survey of 2,010 UK adults aged 18+ from 25th to 28th January 2011. Results have been weighted to nationally representative criteria.

** According to the ONS national statistics population estimates (2008) the UK population projection for 2011, there are approximately 49.529m adults aged 18+ in the UK. 8% of adults said that they avoid talking about money issues more than any other with their families. 8% of 49.529m is 3.96m

*** According to the ONS national statistics population estimates (2008), the UK population projection for 2011, there are approximately 25.406m women aged 18+ in the UK. 84% of women said that they do not currently hold a critical illness product. 84% of 25.406m is 21.341m

21 May 2011

Women fail to protect themselves financially

• Over 21 million do not hold a critical illness policy*
• 53% say that protection products are an added expense they cannot afford

Women are leaving themselves seriously under-insured financially according to a report from protection specialist Bright Grey. The Women and Protection report** has revealed that while many women have increasing financial responsibility in the household, many are still failing to safeguard their financial security. Some 59% of women have no life insurance in place; while over 84% - some 21 million women – do not hold a critical illness insurance policy.

The majority (53%) of women state this is because protection products are an added expense that they cannot afford. Meanwhile, just 17% of women said that they didn’t envisage themselves or their family needing protection at any stage.

For many women, it appears that a lack of financial awareness around what protection products provide is a real barrier. Some 12% of women said that they were saving money for an emergency situation instead of taking out a protection product, while 11% said that they would consider taking out a product if they knew more about the products available and what they covered them for.

Roger Edwards, proposition director at Bright Grey, said: "It is worrying to see that a large number of women have overlooked a key element of their financial planning, leaving them and their families financially exposed.

"While nearly half of women are now the main household earner, many millions have not realised the benefits that protection can give - not least because in a number of cases, they do not know enough about the range of products available. Having protection in place gives peace of mind that women and their families will be financially secure if their income suddenly stopped because of a long-term illness or death."

Source:
* According to the ONS national statistics population estimates (2008), the UK population projection for 2011, there are approximately 25.406m women aged 18+ in the UK. 84% of women said that they have no critical illness policy in place. 84% of 25.406m is 21.341m

** Opinium Research carried out an online survey of 2,010 UK adults aged 18+ from 25th to 28th January 2011. Results have been weighted to nationally representative criteria.

28 March 2011

No sex please, we’re European

That was the disappointing conclusion of the European Court of Justice who have ruled that insurance companies shouldn’t be allowed to take account of gender when setting premiums.

Despite the fact that men and women pose different risks for insurers, the Court ruled that from 21 December 2012 we should no longer reflect this in our prices.

We’ll make sure we’re charging the same rates for men and women by 21 December 2012.

But in the meantime, it’s business as usual for you, your clients and for Bright Grey.

11 March 2011

Working women increasingly assume financial independence on this international women's day

• Nearly half (46%) of working women describe themselves as the main earners in their family
• Over 3 in 5 working women (61%) are chiefly responsible for raising money discussions in the household
• Yet over 2 million working females have no current savings accounts in place

As women throughout the world celebrate today's (March 8 2011) 100th anniversary of the first International Women's Day, a study from protection specialist Bright Grey has underlined another step forward in equality. According to the 'Women and Protection' report* almost half (46%) of working women now describe themselves as the main earner in their household – suggesting that the traditional tide of men being the main family earner is turning.

The report - which examines the financial role of women in the household today – also shows that women are not just increasing their personal earning power but are also gaining a stronger financial voice at home. Over 3 in 5 (61%) working women state they are the most likely to raise money discussions in their own household, compared to just 57% of working men who said that they are chiefly responsible for talking finances.

Nearly half (44%) of all working women surveyed also said that they are predominantly responsible for making major financial choices at home – slightly lower than the half (53%) of working men who state they would make them. Almost 3 in 5 (59%) of married couples say they consult each other on all financial issues.

Roger Edwards, proposition director at Bright Grey said: "The financial inroads that women are making in society means that not only are earnings levelling out between the sexes, but the levels of financial responsibility in the home are becoming more equally divided. The saying ‘this is a man’s world’ has never been less true."

Women look after financial issues in the home – but fail to take protection into account
Multi-tasking also continues to predominantly remain a female skill, despite their increasingly heavy workloads. Nearly 3 quarters of working women (72%) say they pay the bills, compared to two thirds (66%) of working men. A similar figure (71%) of working women in the UK do general day-to-day household budgeting, such as sorting home insurance compared to just 59% of working men who state they are responsible for this.

Yet it appears that women are failing to financially protect themselves as over 2 million** working women (16%) say they do not have a savings account. Meanwhile, over a third of working females (35%) say they do not currently have a pension in place, compared to 30% of working men.

In terms of protection insurance products, over half (53%) of working women have no life insurance cover in place, while over 4 in 5 (84%) working women do not hold income protection products. A similar number of working women (78%) do not hold either a critical illness policy or private medical insurance (81%).

Roger Edwards added: "With women taking more financial decisions, it is vital that they do not leave out having adequate financial protection for themselves and their families when making their choices. By buying a protection product that pays out if they are unable to work due to a serious illness or disability, women can ensure they protect both their household income and current lifestyle. It is crucial that women in the UK who are increasingly running their household finances are protected."

Source:
* Opinium Research carried out an online survey of 2,010 UK adults aged 18+ from 25th to 28th January 2011. Results have been weighted to nationally representative criteria.

** According to the ONS national statistics population estimates (2008), the UK population projection for 2011, there are approximately 25,406m women aged 18+ in the UK. The ONS Labour source survey (2005) projects for 2011 that there will be approximately 13,606m economically active women (working women 18-70) in the UK (54%) of all women. 16% of working women said they do not have a savings account. 16% of 13,606m is 2.18m.

08 March 2011

Debt: The price of living alone

• One sixth (17%) of UK adults living by themselves are overspending
• Of these, over a third (35%) overspend because they feel they have to
• Adults living alone say they need £327 more a month to lead a comfortable life

One in 6 adults living alone are finding it tougher than ever to live within their means and are overspending on their lifestyles according to the 'Salary Gap' study by protection specialists Bright Grey.

Bright Grey's study, which looks at expenditure against income for adults in the UK, examined how this affects those living on their own compared to those who live with others.

While the level of income plays a huge part in people's lifestyle, it falls far short of what is required for people to live comfortably. The average income for adults living by themselves is £1,267 per month – some £327 or 21% less than the £1,594 (net income) per month that people feel they need in order to live a comfortable life. Although a third of adults (35%) said that they overspend because they feel that they have to, a quarter (24%) admitted that their overspending comes from enjoying their lifestyle too much.

While the cost of living alone can be expensive for some, the study showed that the group most likely to overspend are single people living in shared accommodation, with 40% overspending to enjoy a lifestyle their salary couldn't match.

Unsurprisingly, in order to keep funding these lifestyle habits, millions of adults are falling into debt. Nearly 10 million adults (20%) currently use credit such as credit cards and loans to fund their lifestyle, while 1 in 6 (16%) say they rely on their bank overdraft. Roger Edwards, proposition director at Bright Grey said: “There is a real concern that for many people, high mortgage and rental prices can mean that spending choices are limited. Yet more worryingly, it seems that the average salary is far too little for some, who just can't help but overspend in order to maintain their existing lifestyle or to make ends meet.

"While people are not going to make drastic changes to their spending habits, Bright Grey is calling on those living alone particularly to ensure you have financial security in place and avoid racking up massive levels of debt. By reducing spending by just a small amount, and buying a protection product that pays out if you are unable to work due to a serious illness with the saving, you can ensure you protect both your lifestyle and your finances. While it is tough to live alone in the current financial climate, it is imperative to not get yourself into a position of having to fund overspending for many years to come."

Source:
* Opinium Research carried out an online survey of 2,000 UK adults aged 18+ from 23rd to 28th June 2010. Results have been weighted to nationally representative criteria. There are 49.121m adults in the UK, of which 14% (6.8m) said they spend more than they earn.

02 March 2011

Gender directive - 1 March

Should insurance companies be allowed to carry on using gender as a factor when setting premiums?

This is the question that's been put to the European Court of Justice. We expect to hear their decision on 1 March.

If the court decides that men and women can't be charged different premiums, this will mean big changes for the insurance industry. So, just in case, we've been putting plans in place to make sure we're ready whatever the outcome.

No matter what the court decides, you'll still be able to quote and place new business with Bright Grey from 1 March. If there's to be any change, we'll let you know what we're doing straight away and make sure we minimise any disruption or inconvenience to you and your clients. If there's no change, it's business as usual.

Please click here for more information http://www.fsa.gov.uk/pubs/other/gender_directive.pdf

01 March 2011

Working women take financial control - but neglect to protect themselves

• Nearly half (46%) of working women describe themselves as the main earners in their family
• 44% of all working women state they are responsible for making the family financial decisions and over 3 in 5 (61%) raise money discussions in the household
• Yet over 2 million working females have no savings accounts in place

Almost a century after women asserted their right to vote, a new report from protection specialist, Bright Grey reveals another step forward in equality by highlighting that almost half (46%) of working women currently describe themselves as the main earner in their household. But it's not all good news as the 'Women and Protection' report* also suggests that women are actually less likely than men to have financial back-up should they suddenly be unable to work.

The 'Women and Protection' report - which examines the financial role of women in the household today - reveals that women are not only increasing their earning power but they are also gaining a stronger financial voice in the home. Over 3 in 5 (61%) working women state they are the most likely to raise money discussions in the home, compared to a lower 57% of working men who state they would raise them.

When it comes to crunch time, working women are also just as likely to make the financial decisions in their household with nearly half (44%) of all working female surveyed stating they predominately make the financial decisions in their household – compared to just over half (53%) of working men who state they would make them. Almost 3 in 5 (59%) of married couples say they consult each other on all financial issues.

Women are the family financial hub – but fail to financially protect themselves
Multi-tasking continues to remain a skill for women – even if they are at work all the time. In fact nearly 3 quarters of working women (72%) say they pay the bills, compared to 2 thirds (66%) of working men. A similar figure (71%) of working women in the UK do general day-to-day household budgeting, such as sorting home insurance compared to just 59% of working men who state they are responsible for this. Half of working women (50%) say they are responsible for longer-term financial decisions such as buying life insurance or organising a will.

Yet despite females bucking the traditional trend of males being the financial decision-makers it appears they are failing to financially protect themselves as over 2 million** working women (16%) say they do not have a savings account. Meanwhile, over a third of working females (35%) say they do not currently have a pension in place, compared to 30% of working men.

In terms of protection insurance products, over half (53%) of working women admitted that they have no life insurance cover in place, a product that is aimed at protecting their families in the event of their death. Over 4 in 5 (84%) working women do not hold income protection products, while a similar number of working women (78%) do not hold either a critical illness policy or private medical insurance (81%).

Roger Edwards, proposition director at Bright Grey said: “As earnings levels even up and the level of financial responsibility in households is more equally divided, women could be putting themselves at risk by not protecting their income – especially if a household is dependent on their salary.

“Bright Grey is calling for women to have adequate financial protection in place for themselves and their families. By buying a protection product that pays out if they are unable to work due to a serious illness or disability, women can ensure they protect both their household income and current lifestyle. There are various affordable protection options in the market, and it is critical that women in the UK who are increasingly running their household finances are protected."

Source:
* Opinium Research carried out an online survey of 2,010 UK adults aged 18+ from 25th to 28th January 2011. Results have been weighted to nationally representative criteria. According to the ONS national statistics population estimates (2008), the UK population projection for 2011, is approximately 49.529m adults in the UK for 2011.

** According to the ONS national statistics population estimates (2008), the UK population projection for 2011, there are approximately 25,406m women aged 18+ in the UK. The ONS Labour source survey (2005) projects for 2011 that there will be approximately 13.606m economically active women (working women 18-70) in the UK (54%) of all women. 16% of working women said they do not have a savings account. 16% of 13.606m is 2.18m.

10 February 2011

Bright Grey awarded Defaqto 5 Star Rating

Protection specialist Bright Grey has been awarded the maximum 5 Star Rating by independent financial research company Defaqto for its critical illness product for the second year running.

Defaqto described Bright Grey’s level and decreasing term critical illness cover as one of the best quality products in the market, with an excellent range of features and benefits and very high cover levels.

Ian Smart, head of product development and technical support said:

"Achieving the maximum rating for the second year running is a huge achievement and a reflection of our continuing work to ensure
Bright Grey's products meet our customers' changing needs and expectations.

"However, the element of our product that is designed to look after the non-financial needs of someone who suffers a critical illness, our Helping Hand service, isn't really fully evaluated. Helping Hand really differentiates our product from the rest of the market and in that respect maybe Defaqto should introduce '5 star+' ratings."

01 February 2011

Bright Grey enhances its Critical Illness Cover

Bright Grey has enhanced its Critical Illness Cover by extending the definitions of 3 critical illnesses it covers as from Monday 24 January. The improved definitions increase the number of ABI+ definitions, ones that are over and above the ABI standard, to 8.

The improved definitions are for:

• 
  Coronary artery bypass grafts – the requirement of surgery to divide the breastbone has been removed
• Heart valve replacement or repair – as above
• Benign brain tumour – the requirement for permanent neurological deficit with persisting clinical symptoms will be waived if the benign brain tumour is surgically removed

Ian Smart, Head of Product Development and Technical Support at Bright Grey said:

"It’s important that we continue to develop our products to meet our customers’ needs by updating conditions where appropriate."

"While the improved definitions are good news for consumers, the basis for recommending a provider shouldn't depend on the list of critical illness definitions it offers. A proposition that delivers the best value should also include practical and emotional support, speedy online acceptance and clear and simple literature."

24 January 2011