"Continuing to educate both customers and advisers of the product features, benefits and safeguards in place will be key to ensuring that equity release is considered as part of all retirement planning strategies."
FR: Tell us about your background and your role at Canada Life.
Over the years I’ve worked in a range of roles from sales, customer experience to business change and improvement. The common theme has been that proximity to the customer and working towards delivering better outcomes and experiences. My current role is proposition development manager for home finance. This incorporates elements of all of my previous experience as the real focus is on making sure that we are delivering for our customers as well as exploring ways to evolve our proposition.
FR: What are the main challenges and opportunities facing the equity release market?
The current economic climate - higher interest rates, the predicted slowdown in the housing market, and the cost of living crisis, all mean it is likely to be a difficult period as a whole. This could mean a slowdown in the record growth we have seen in the equity release market in the last few years. Nevertheless, equity release will continue to play an important role in supporting households who are looking at how they can supplement their income in retirement.
Research has also shown that a lack of understanding on how the products work is one of the biggest barriers to customers considering equity release as a suitable option. So continuing to educate both customers and advisers of the product features, benefits and safeguards in place will be key to ensuring that equity release is considered as part of all retirement planning strategies.
FR: How are lenders evolving their propositions in light of these challenges and opportunities?
As providers, it’s important that we recognise the changing needs of our customers and look at how we can adapt our products and proposition to meet these needs. There have been a large number of new product launches, all trying to improve the choice and flexibility available in the market.
At Canada Life, we have looked beyond the product and at the proposition as a whole. For example, we’ve given all new and existing customers and their immediate family, access to a service called WeCare, which provides an extensive range of health and wellbeing services, including GP appointments, mental health support and access legal or financial guidance – all from the comfort of their own home. This additional offering has given us an opportunity to support our customers through this challenging post-pandemic period.
Looking further ahead, we will continue to look at how we can innovate and develop our products and pricing. Combining this with our sustainability aspirations means there will be lots more to come, so watch this space.
FR: What's the most valuable piece of career advice you've been given?
Grasp the opportunity even when it feels a bit daunting and uncomfortable.
FR: If you could see one headline about the equity release market this year, what would it be?
Equity release industry achieves 100% customer satisfaction score.
