PROTECTION
TIME FOR A NEW PERSPECTIVE ON PROTECTION
Emma Vaughan Head of Protection Services SimplyBiz
It ’ s just over six months since I joined SimplyBiz , and I ’ m delighted to have spoken to so many of you about the rapidly evolving protection market , the opportunities it presents to advisers , and the ways in which we can support you and your clients . In my opinion , 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 good news stories coming out over the past 18 months , advisers can really add value to their conversations . I also think it ’ s really important for us to revisit some of the basics , like communication methods with clients . 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 . I do hope to see more of you at the upcoming protection events this year , and look forward to hearing your views on the upcoming Protection Connection magazine . If there ’ s anything protectionrelated that you ’ d like to discuss , please don ’ t hesitate to get in touch at e . vaughan @ SimplyBiz . co . uk
For further information on our protection services , please make sure you visit your Member or Client website .
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