EDITION 3 | NOVEMBER 2021
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During the pandemic , I also supported the Claims team by working closely with customers and it really opened my eyes to how the insurance industry can really make a difference to someone ’ s life , and that it doesn ’ t have to be just a piece of paper that sits in the back of the drawer until the worst happens .
What should be the main areas of focus for protection advisers over the next few years to help improve the industry ?
The main priority for advisers over the coming years should be to start bridging the protection gap that has been highlighted even further during the pandemic and increased by the rush of house buying during the stamp duty holiday . Consumers are starting to wake up to protection conversations , so now it ’ s time to use this to our advantage . Advisers have access to a wealth of support from protection providers and could be using their contacts to understand how they can reach more customers and the solutions they have to offer . Protection providers have diversified over the years , so whichever demographic advisers are looking at , there will be a mainstream provider or specialist provider that can help them . Protection is not just for the white-collar workers anymore , and there is a massively underserved market that needs to be tackled . These customers wouldn ’ t typically seek advice for insurance but , with so many
During the pandemic , I also supported the Claims team by working closely with customers and it really opened my eyes to how the insurance industry can really make a difference to someone ’ s life , and that it doesn ’ t have to be just a piece of paper that sits in the back of the drawer until the worst happens . good news stories coming out over the past 18 months , advisers can really add value to their conversations .
How can protection better promote and encourage greater diversity and inclusivity within the sector ?
I believe we have already started to see changes to diversity and inclusivity in our sector , but more work needs to be done . Going back ten years , there was very much a stereotype within our industry that didn ’ t encourage fresh , exciting , new blood into the sector , but over the past few years there has been a shift in certain areas of the country that has seen financial services companies step outside the box . The biggest shift that I have seen is advisory firms bringing in people that usually wouldn ’ t previously have had access to a financial services career . They may not have a ‘ traditional background ’ for a protection adviser but their attitude and work ethic make them perfect to get the message across . Add to this how technologically minded the younger generation are and we are looking at a very exciting , diverse future that will include everyone .
How do you think advisers can better understand the diverse and unique needs of their clients using the array of communication channels available to them ?
There are so many channels advisers can use to understand their clients , and not all of them will work for everyone so it ’ s best to utilise them all and tailor their messages to that demographic . By understanding what the pain points are for a particular set of customers , advisers can offer them a solution that they can access easily and in a way that suits them . Social media has had a massive impact on protection during the pandemic , with advisers now able to reach so many different types of customer , but even if the message only lands with a handful of people and they see the value , then that ’ s still a few more families protected . An 18-year-old , just starting work but living at home , may not see the value of life cover , but they may understand the need to cover their phone bills , gym subscription or trainer habit if they are too sick to work . One social media post could address that and highlight the need to their peers too .
Businesses can start introducing these things at induction courses for new starters , so employees know from day one that our industry is not just about sales – it ’ s about supporting as many people as we can with the solutions we have in our sector and bringing in new people , with new ideas to move things forward .
What would you like to see more of from the protection industry to further initiatives such as Access to Insurance and treating customers fairly ?
There are so many amazing initiatives in the industry at the moment and the best way to further them is to get more people involved so more people understand what they are . Ring-fencing to certain people within a business doesn ’ t help spread the message so we need to share the information among colleagues and give them the opportunity to be involved . Businesses can start introducing these things at induction courses for new starters , so employees know from day one that our industry is not just about sales – it ’ s about supporting as many people as we can with the solutions we have in our sector and bringing in new people , with new ideas to move things forward . We also need to make it more engaging . The more people that resonate with the initiatives , the more passionate they will be about them . Hopefully , with the world beginning to return to some kind of normal and events starting up again , we will be able to see first-hand and face-to-face the amazing things that these initiatives achieve .
If you want to discuss anything mentioned above with Emma , or have any further questions for her , please get in touch at e . vaughan @ simplybiz . co . uk