Refer Don’t Defer

Jonathan Madeley HLProtection

The overriding and consistent theme when it comes to providing protection advice is one of gaps, mismatches, and unmet challenges. Research amongst advisers suggests that they always talk about protection, while most customers say they don’t remember it coming up.

The Insurance industry is open and honest in its role in people’s lives, publishing paid and declined claim statistics, but unfortunately most customers don’t believe them. We have customers who either don’t understand the products, or mostly get it wrong when they say they do. We have adviser firms doing well giving recommendations over the phone, whilst research suggests many customers don’t want to talk on the phone. We have an industry saying the impact of Covid-19 should have been driving protection sales, whilst customers are saying it’s not making a difference. Understanding what is driving these gaps and mismatches could help the industry improve across the board, starting with how you communicate to your potential customers. The biggest challenge we face is how to get the consumer on-side and interested in protection. Do you commit enough resource to reaching consumers? Whether it’s marketing, PR, digital, social, owned or earned, the ROI may not be guaranteed – but if you don’t change, then nothing changes and we are left again trying to fix the roof when its raining, rather than filling the holes when the sun shines. Developing products and improving technology is great and plays a very important part – but arguably these are the easier wins. The tough part is reaching consumers, improving their understanding, and encouraging them to act, making sure consumers are financially secure, whatever life throws their way.

It was no surprise that the last economic crisis caused protection sales to rise for many mortgage brokers. It may well be customers who didn’t take protection the first time, but that’s OK if they get cover in place before their circumstances start to change. We know there is a lack of consumer trust around claims stats, alongside poor customer understanding around income protection, but strangely there is the view that most people think life insurance is important yet many still don’t have it.

Advisers are, and will always be, crucially important in helping families to become more financially resilient, but advisers alone can’t reach everyone and that’s where HLProtection can help, an internal protection referral facility designed exclusively for network members.

HLProtection will work as your trusted partner to ensure that your current and previous client’s protection needs are met. You’ll be surprised how many of your clients will find the advice they receive valuable. The model has been proven by the firms that have already piloted the service.

If you would like to register your business with HLProtection, you can visit the website www.hlprotection. co.uk. To find out more about the service, you can speak to either Shaun Almond (shaun.almond@ hlpartnership.co.uk) or Neil Hoare (neil@hlpartnership.co.uk).