Everything you need to know about what we’ve covered on Protection Forum May – June
Our regular Protection Forum is an opportunity for advisers to come together and discuss topics and issues that are important to them and the industry. Attended by a large number of advisers, as well as insurers and other industry professionals, our aim is that through the forum we can collectively drive improvements to products, processes, standards and ultimately, consumer outcomes. As we move into the third quarter of the year, we take the opportunity today to look back May and June meetings and recap the important and varied topics discussed.
If you’d like to register to attend the next forum (taking place next week), advisers can sign up for their free ticket here.
May Session 1: promoting protection products
In the absence of a current industry-wide, insurer backed campaign to promote protection insurance, we looked at the various new and innovative ways advisers have adopted of marketing protection insurance to clients. Communication methods discussed include the use of social media platforms, video content, paid advertising and email marketing campaigns. We also spoke about the key messages advisers should be presenting to consumers when marketing protection to them.
May Session 2: using claim stories in consumer engagement
In this session, Rob Harvey, Stacy Reeve of AMI and Shaun Ware from The Exeter discussed the use of claim stories in engaging consumers and how they can educate whilst promoting protection products. This session highlighted recent research by AMI, where they asked consumers: “what types of contact would you find valuable from a mortgage broker regarding protection insurance?”, and over 1/3 of 18-34 year old respondents said they’d want to receive claim case studies.
June session 1: standards, practices and behaviours of protection intermediaries and how the industry can drive better consumer outcomes
For our June Protection Forum we focused on the standards, practices and behaviours of protection intermediaries and how the industry can drive better consumer outcomes. Tom Baigrie, Chair and found of Life Search kicked off our first session, with a summary of some of the key issues and challenges he is working to improve or eradicate. Tom’s primary focus is on the tele-sales sector, including both non-advised and advised intermediaries and he identified three key issues:
June session 2: WHAT ROLE CAN INSURERS PLAY IN DRIVING UP INDUSTRY ADVICE STANDARDS?
In this session we heard from Mike Pritchard, Distribution Quality & Retention Commercial Manager from Legal & General to discuss how L&G support adviser through their business quality assessments. Mike also highlighted they use data to help improve practices and shine a light on leading advice firms through their Business Quality Awards. We also heard from Andy Philo, Director of Strategic Partnerships from Vitality to discuss the unique ways they measure client interaction with the Vitality program and differentiate firms in terms of business quality?
And finally…
JOIN OUR JULY 2022 PROTECTION FORUM
For our July forum we will be focusing on protection insurance and the cost of living crisis. We’ll be discussing two key elements of this in the context of protection insurance:
- How can we continue to grow the protection market and write new business at a time of tightening individual and household budgets?
- How we can ensure clients remain protected and don’t cancel their cover, when protection insurance may be seen as some as an unnecessary luxury?
