Critical illness insurance provides policyholders financial protection if they are diagnosed with one of the conditions specified in their policy. Several protection providers now offer ‘enhanced’ levels of Critical Illness Cover (CIC) and Children’s Critical Illness Cover (CCIC).
The current method of obtaining quotations for enhanced cover is not targeted, and some product providers quote for all combinations of the various CIC levels, which results in many quote results for the recipient to consider. A Change Request was initially raised to add ‘Enhanced’ to the selection in protection quote requests. However, following discussion, it was agreed to conduct research into the possible alternative approaches for supporting enhanced cover within the Quotes and New Business Standards.
A research group has been set up and the group’s initial meeting took place on 15 November 2022, where it was agreed a survey would be sent to industry organisations seeking their views on quoting for Enhanced levels of Critical Illness Cover. The survey has been sent to various industry organisations for completion and is available for any interested parties to complete.
Feedback will be incorporated into a Problem Definition Report outlining a recommendation regarding support of Enhanced CIC cover for consideration by the research group.
