"Inside Track has been designed to drive meaningful discussions in the protection space. At HSBC Life, we’re strong advocates for positive change in the industry."
- Richard Waters, Head of Protection Distribution at HSBC Life (UK) Ltd
Next month, teams of six from across the industry will gather to compete at Inside Track - the ultimate team-based gameshow experience designed to pit the very best in protection against one another; who doesn’t enjoy some friendly rivalry?!
READ MORE: Protection Reporter warns industry to prepare for Inside Track 2025
For 2025, Inside Track will be supported by HSBC Life (UK) Ltd as its Headline Partner. I spoke with Richard Waters, Head of Protection Distribution at HSBC Life, about why he’s supporting this initiative.
“We saw Inside Track as a real shift from traditional education and networking. It was a natural fit for us to participate; my colleagues are battling for places on our team […] I’m expecting it to be competitive,” he said.
Richard believes it has been designed to “drive meaningful discussions in the protection space. At HSBC Life, we’re strong advocates for positive change in the industry.”
“We want to empower advisers and ensure they gain knowledge that’ll ultimately allow them to deliver better outcomes for their customers.”
As Headline Partner, HSBC Life has also sponsored the ‘Diversity & Inclusion’ round which will feature questions written by James Lovett (Lovethorn), Antonio Ribeiro (Yurtle), Helen Croft (SCOR), and Emma Thomson (Women in Protection Network).
Richard explained that as a business, “we wholeheartedly value difference. We value diverse ideas and perspectives that can be brought to the everyday work environment, so this round very much supports and underpins that innovation we seek to deliver for our customers – for their needs today but also in the future.”
He said: “We’re very committed to building a truly inclusive business. We feel that we create opportunities for our people, opportunities for our customers, and for the wider community. This round underscores our dedication to fostering environments where everyone can thrive.”
Championing education, Inside Track will also support the ongoing work of the charity-led campaign 7Families, fundraising £10,000 for upcoming awareness initiatives. 7Families ran between 2014-16 and followed the lives of seven families who’d suffered an income shock but didn’t have Income Protection (IP).
Equally funded by insurers across the industry, 7Families provided payments to these families – replicating what they would have received if they had IP in place. Throughout this campaign, the families were filmed regularly to document the impact of the payments & added-value services provided – 7Families celebrated its tenth anniversary earlier this year.
“I would encourage anyone in the protection space, if they haven’t already, to go to the 7Families website. It’s a reminder of why we do what we do.”
Richard felt the videos produced as part of the 7Families campaign were “incredibly impactful and indeed, emotional […] a vital resource.” He highlighted that 7Families demonstrates the importance of financial planning, “which is critical and aligns with the core purpose of protection providers such as HSBC Life.”
However, he believes there's “still work to be done to communicate how crucial IP and Critical Illness (CI) products can be for those facing unexpected financial hardships.” According to the latest Protection Viewpoint, titled ‘Making Protection Personal’, published by the Association of Mortgage Intermediaries (AMI), 32% of adults in the UK have Life Insurance but only 11% have CI. This report aligns with the Financial Conduct Authority’s (FCA) 2022 Financial Lives survey which found 29% of adults have Life Insurance versus 13% with CI.
“Raising awareness is vital for the protection market as a whole. I think there should be more of it. Customers would feel more empowered to make financial decisions,” Richard suggested.
Alongside these products, he thought it was equally important to educate customers on added-value benefits; “It’s well documented that the majority of providers offer fantastic benefits such as mental health services, 24/7 GP, second medical opinions, remote physiotherapy, and health checks.”
“These services bridge the gap between immediate support and what the NHS can offer.”
Referring to recent research conducted by HSBC Life, Richard said 87% of advisers agreed that added-value benefits support customers for the entirety of their policy, rather than solely at the point of claim. But 79% said there’s relatively low awareness amongst customers.
“We need to better communicate how policyholders can access these services, because if they don’t know how to access it, how can they possibly start to use it?” he concluded.
To find out more about Inside Track 2025 (which offers CPD hours), follow the link here
