This paper highlights
That unless the insurance industry changes direction, large intermediaries and insurer partners are at serious risk of being investigated by the Advertising Standards Authority (ASA) and the Information Commissioner’s Office (ICO).
How some life insurance lead generation firms use fraudulent short term tactics; misleading advertising, resell consumer data and impersonate insurance brands.
That disreputable lead generation activity is driving clawback rates and increasing industry bad debt.
and makes a number of recommendations
The Life Insurance industry must accept that without clearer guidance to intermediaries about what is expected and allowed of the online lead generation process, existing advertising and compliance rules will continue to be broken.
Industry wide third party certification of every generated lead would provide independent verification for every consumer journey and would allow the intermediary to constantly audit and challenge adverts used to introduce them to consumers.
The most appropriate way to change the balance of power within financial advertising is to ensure that lead generation adverts can only run with backing of the buyer of the lead.
About the authors
Managing Director, Contact State
Alain Desmier founded and led one of the most prominent lead generation businesses in the UK and draws on a wealth of online experience in financial services marketing in Europe and the US.
Technical Director, Contact State
Mike is a technologist who started his career in Silicon Valley and has spent the last ten years working in innovation and digital transformation with a range of startups and FTSE 100 companies.
Chief Marketing Officer, LifeSearch
Emma is the Chief Marketing Officer of LifeSearch, the UK’s leading protection adviser and intermediary. Emma was previously head of protection and insurance at MoneySuperMarket.
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