Protection: underwriting and innovation – join us on 20 May

When the Financial Conduct Authority (FCA) launched its Pure Protection Market Study, many in the industry braced for significant regulatory intervention. The interim report told a different story. The FCA found that the market works well in many respects - high claims acceptance rates, stable premiums, low complaints, and healthy competition among insurers and intermediaries. Crucially, it confirmed it does not envisage making significant interventions.

That's a meaningful vote of confidence in an industry that has invested heavily in doing the right thing. However, the report wasn't without challenges. The protection gap - the millions of consumers who would benefit from cover but don't have it - remains a clear and stated priority for the regulator, and the FCA has been explicit: it wants the industry to help solve it.

Underwriting sits right at the heart of that challenge. It shapes who gets covered, at what price, and how smoothly. Delays and complexity in the underwriting process are a known source of drop-out, and every customer who exits the journey unprotected is a tangible widening of the gap.

Protection: underwriting and innovation webinar

As the organisation that facilitates collaboration and governs integration standards across financial service, we're uniquely placed to bring that conversation to life. On 20 May, join us for a free online webinar - Protection: underwriting and innovation - where industry experts will come together to explore how underwriting is changing, and where the real opportunities lie: reserve your place now. 

Scott Machin, Proposition Manager at Criterion: 

The FCA’s lighter touch is a validation – but it’s also a call to action. The industry now has both the credibility and the responsibility to lead.

The protection gap = the protection opportunity

Here's the reframe that forward-thinking organisations are already making: the protection gap isn't just a social challenge - it's one of the most significant untapped commercial opportunities in financial services today. 

The FCA's study documented genuine innovation already underway (smarter portals, AI-driven underwriting, menu-based multi-product arrangements, hybrid digital-advised models), and the regulator's recognition of this progress matters. It signals that the infrastructure for growth is being built, and that those investing in it are on the right side of where the market is heading.

For insurers, intermediaries, and technology suppliers alike, removing friction from the protection journey isn't just good for customers, it directly expands the market you can serve. Faster underwriting means fewer dropouts, better integrations mean broader reach, and smarter data makes it easier to get cover. Every improvement to the process is a step towards converting the gap into growth.

The organisations that recognise this - and move with purpose - won't just be closing a gap. They'll be defining the next era of the protection market.

Why underwriting is the central challenge

The FCA's research found that the gap exists primarily because consumers aren't aware of their protection needs and aren't prompted to consider them. Affordability plays a role too, as does friction in the sales process. These aren't regulatory failures - they're market and distribution challenges that the industry is best placed to tackle.

Our panel of industry experts will explore how those dynamics are shifting, and what needs to happen next.

Who should attend

This webinar is built for the people at the sharp end of protection: advisers placing protection business, underwriters managing risk and process, providers building and distributing products, and tech suppliers working to remove friction from the journey. If any of that sounds like you, this conversation is directly relevant to what you do.

Underwriting is changing fast, and innovation is creating real opportunities across the protection market. If you want to understand where things are heading - and how to get ahead of it - this is where that conversation is happening.

Reserve your free place now - 20 May.