[GRTV] The winners and losers from Covid-19

On the losers side Hutchinson says that, “bancassurance has continued to be severely knocked around by the Covid crisis”.

The multiple lockdowns combined with a virtual hold on housing movements alongside dealing with new bank customers meant that “everything went into a deep deep freeze”.

“Fortunately,” Hutchinson said, “that has unfrozen. But still some long running issues surrounding bancassurance have been slowing that process down”.

On the winners side stand advisers, which Hutchinson calls “a resilient channel”. In the context of emerging into post-lockdown markets Hutchinson believes that advisers have to use their knowledge of the market and the flexibility of their processes in order to get moving again.

“Advice is so much more important when things are complicated. And things have gotten complicated.” Hutchinson believes that advisers are in a much better position to handle these complications than slower, more structured channels like banks.

Hutchinson also offers insights in how the necessary delay in adviser regulations may have caused some wider issues for the industry at large.

To read the interview, click here

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