Keeping clients engaged with their protection and health insurance plan is not just good for them, advisers can benefit too, writes Vitality's Greg Levine.

Ensuring clients take out the right cover should always be at the forefront of protection and health insurance conversations. But peace of mind is one thing.

With insurance propositions evolving, advisers are perfectly positioned to deliver a plan that clients can appreciate from the moment they take it out - not just when they claim

And it's not only members who benefit. Advisers can also use heightened engagement to enrich their business too. Here's how.

1. Help your clients live better

We believe that protection and health insurance offerings should not only be judged by the claims they pay out - but also by those they prevent. Using behavioural science and actual evidence to back it up. What this means is that an adviser's role is changing. Clients are increasingly looking to take ownership of their wellbeing, so helping them know their numbers and keep healthier habits locked in place for life is now the direction of travel for the industry.

2. Enjoy more touch points with clients

Research by Vitality reveals the value of having extra touchpoints that allow advisers to connect with clients more frequently. Some advisers arrange regular catchups to check clients are making the most of their plans. Others use softer tactics as an easy way to initiate a cover review. In addition, some providers like Vitality offer help via welcome calls, which are proven to boost member engagement[1].

3. Deliver tangible value

Talking to clients about rewards and benefits they actually want to use allows advisers to add weight to recommendations. Benefits include better health[2], extra perks and savings of hundreds of pounds each year[3]. Adding to this, your client can also lower the cost of their premium[4], giving them even more reason to engage.

4. More loyal clients

By getting value from day one of their plans, clients are less likely to cancel them or let them lapse[5]. They are also better placed to enjoy good health for longer[6] through engagement with initiatives like the Vitality Programme, which means less chance of serious illness or death[7]. All this helps generate client loyalty. After all, keeping clients happy can lead to more business referrals and prevent cancellations which helps reduce clawback.

5. Additional sales opportunities

More engaged clients are more likely to participate in annual reviews. Not only does this ensure their plan is kept up to date but also offers advisers more opportunity to upsell or cross-sell products, as well as build relationships. On average, advisers earn more commission if their clients take advantage of premium discounts, stay healthy and interact with their plan[8]. That's why we call it shared-value insurance. Everyone wins.

Greg Levine is Managing Director for Sales and Distribution for Vitality

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

IRESS Limited published this content on 25 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2022 14:38:01 UTC.