Why quality matters, and everything else we covered last week
Aldo Gucci, chairman of his father’s eponymous brand, is famously quoted as saying “quality is remembered long after price is forgotten” (or words to that effect). Whilst the world of luxury high fashion and protection insurance probably don’t have a lot in common, the importance of quality and the perception of value to consumers are applicable regardless of the product.
With many households struggling with rising living costs and forced to re-evaluate their outgoings and potentially make cutbacks, it’s arguably never been more important that our clients see the value in protection insurance, rather than simply the monthly premium they’re paying each month.
When a protection recommendation is driven by both the suitability of the product to meet the client’s needs, as well as the quality of that product, we believe (and I’ve certainly seen this in my previous role managing a team of advisers) this is likely to result in better persistency and a more engaged client.
It is these considerations that have informed, and continue to inform the development of ProtectionGuruPro, as a way of helping advisers to quickly and easily compare products based on quality and cost and arrive at a suitable recommendation for their clients.
ProtectionGuruPro remains completely free for advisers to access and use, until the end of August. We’ve had some excellent conversations with advisers who have been using it and found it a real game changer for their advice process. So if you’ve not tried it yet, follow this link and start using it today.
Turning to our regular Protection Guru content from last week, on Monday we brought you news of a new development with ProtectionGuruPro and the availability of insurer illustrations and full research documents (displaying commission). We understood that these were necessary documents required by compliance teams to support a recommendation, so have made them easy to download on the results screen.
On Tuesday we turned to life insurance and specifically which insurer provides the best terminal illness benefit. Whilst not a pleasant subject to discuss with clients, it’s important to understand some of the nuances of cover provided by insurers and specifically the different and unique approach taken by Guardian.
For Wednesday’s insight we examined children’s critical illness cover and the funeral benefit provided by most insurers. With children’s claims now making up a large percentage of overall critical illness claims, we believe it’s important that advisers familiarise themselves with the various cover options on the market and benefits offered by insurers.
On Thursday Adam Higgs turned his attention to menu plans, with an insight on which insurers offer menu plans, how they work and what the benefits are. Finally, we finished the week on Friday with a round-up of recent insights on product developments that caught our eye over the last few months.
Have a great week everyone!