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Protection insurance and the cost of living crisis – Join Our July 2022 Protection Forum

Protection insurance and the cost of living crisis – Join Our July 2022 Protection Forum

 Protection Guru’s monthly virtual Protection Forum brings together visionary advisers with leading providers to engage in discussion on topical issues in the industry. Our sessions are not only a great networking opportunity but a way to get involved in creating positive change and help more people get the protection they need.

July discussion topic

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?

Whilst we’re hearing a lot at the moment about rising living costs and increased prices, to some extent we’re only at the start of this and the real impact will start to be noticed later in the year, particularly energy cost increases. The impact of this on protection insurance sales and retention could be significant, with some concerns that lapses may start to rise significantly later in the year.

We’ll be looking to hear from advisers and insurers on:

  • How can we best convince clients of the need for protection at a time when finances are tight
  • What messages are likely to be effective with consumers
  • What objections are advisers encountering and how are they overcoming this? What support, if any, can insurers offer?
  • How are insurers supporting advisers to keep business on the books and reducing lapse rates?
  • What options are there to help clients who are struggling with rising costs? Premium holidays, benefit reductions, declining RPI increases etc

As ever, we will encourage contributions, thoughts and comments from everyone in attendance. If there is anyone who would specifically like to speak, please let us know beforehand and we can block out some time for you during the discussion.

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