A number of large insurers face being killed off by the onset of the Retail Distribution Review (RDR) as they are "running out of proposition", a director at Ernst & Young has said.
Speaking at the PIMS conference earlier today, Malcolm Kerr, a director in E&Y's financial services division, said most insurance companies had been turned into "admin machines" as a result of RDR. "A number of top life companies won't be around, or open to new business because they are running out of proposition," Kerr said. "Some insurance companies are beginning to have discussions with some of the platforms to provide them with their underwriting, and the platforms will borrow an insurance company's balance sheet to create their own white label protection ranges, leaving very litt...
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