Brokers encouraged to step up PPI product development efforts

Brokers should focus on a more targeted approach to product design and pricing in the payment protection insurance (PPI) market, according to Cassidy Davis Insurance.

The insurer has welcomed the Financial Services Authority's (FSA) Sale of Payment Protection Thematic Update, which has drawn attention to an apparent lack of product development to ensure PPI cover is designed to meet the needs of customers.

Chris Biles, deputy syndicate underwriter of Syndicate 5820 at Cassidy Davis at Lloyd's,