what clients most want from protection plans
The Exeter published an exceptionally informative paper earlier in the week entitled ‘Challenging Times: The health and financial fears of UK workers’. The survey polled the opinions of 2,000 employed and 2,000 self-employed adults to understand their health and financial fears and highlighted a range of concerns that advisers should be aware of and able to mitigate. Of particular interest in the report was the views of “The role of insurance” and what consumers want from insurance products when making a purchase.
The study confirms that 99% of consumers rate product quality as important, and price not being only the consideration. Stating that the quality of products has never been higher, with more features and greater flexibility requirements to meet the needs of consumers.
Protection Guru are working with a number of advisers piloting PGPro – a qualitive comparison tool designed solely to help advisers compare protection products based on the features each individual client deems most important. The solution provides detailed analysis to support advisers selecting the most suitable product based on the quality of cover, cost and the type of cover provided. The overwhelming feedback from advisers confirm that they have now have a simple solution, within a few click enabling clients to go for plans with a higher contribution based on the benefits as well as price.
Customer service was also identified as a key aspect for consumers, with technology and access to annual statements fundamental but additionally the human touch is key. Confidence in claims being paid remain a huge uncertainty for consumers with just over three in four (76%) stating that they were confident in an insurance company paying a claim.
So much to still to do as industry to move the dial in satisfying the needs of consumers. Collaboration is key across insurers, distributors and technology companies to ensure that we can increase the confidence of consumers with one of the most challenging times everyone is facing with the cost-of-living crisis. 2023 will no doubt rise to the challenge in ensuring that products, systems and processes are fit for purpose to raise the certainty and reassurance for consumers.
Click on the link below to digest the findings that underpin much of what we already understood as an industry of what clients most want from their protection plans. And the need to question ‘Are current products, systems and processes fit for purpose’ as posed by Isobel Langton, CEO, The Exeter
The Exeter – Challenging Times: The health and financial fears of UK workers
Also on Protection Guru
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At Protection Guru we believe there is no more powerful a demonstration of the value and importance of protection insurance, than the real life claim case studies shared with us by insurers and advisers. On Tuesday, Adam Higgs set out the stand out claim stories of 2022.
When watching Love Actually, Adam Higgs was reminded just how quickly a client’s life could change which prompted Protection Guru’s Christmas themed article on Wednesday. How would we advise the nine different story lines if they were our client, and we were meeting them for an annual review?
On Thursday, we shared our Insurer SHowcase Pages, so you can understand What are the USPs of each insurer. We have worked with insurers to provide an objective analysis of their proposition while also looking at the features that really make them stand out as a company. These pages have been run through our strict editorial scrutiny to ensure that the commentary and information is fair, objective and in line with our assessment of the market. The pages have been designed as a resource to help advisers better understand the key USPs and features of each insurers protection propositions
We ended the week with a look back at the Most Read articles on Protection Guru in 2022 (5-1).
