Customers are looking for tangible benefits that strengthen their policies and make a difference to their lives. Some of the biggest claims for these benefits come from physiotherapy and counselling, which should come as no surprise, but also benefits that cover children too.
If a customer can see the value in a policy and not just a piece of paper that sits at the back of the drawer, then engagement will be higher and, in turn, persistency stronger.
Quality and retention
And this is where we should be focusing as we go in to 2022 and beyond. Sales quality and retention is an area that some of the bigger insurers have been looking at for quite some time but, as we start to understand more about our businesses, the whole industry has jumped on it.
Getting new customers and new business is what we get up for in the morning, however, we need to make sure we are keeping as many of those policies on the books as possible.
Once we have gone through the protection sale, quotes and processing we still have the underwriting and acceptance of terms to get through so why, after all that work, would we let the policy cancel or lapse?
One of the main reasons that customers cancel is because they do not see the value in what they have purchased, or truly understand how it will benefit them.
This can easily be solved during the sales process by getting to know the customer and demonstrating how their protection can ease their financial burdens should they be struck down with an illness.
We can add value by writing policies in trust, and this will have a positive impact on maintaining persistency.
It has been shown that customers that have trusts in place keep their policies for longer and stay with the same adviser because of the level of service they have been given by an expert – things that they cannot get online.
Regular reviews will also maintain the relationship with each of our customers and as they go through their life cycle you will be on hand at every twist and turn to support them and their advice requirements.
Insurers are more open than ever and have adapted their policies to be extremely flexible, so if customers need to chop and change their existing arrangements then you will be able to do that without the need to rewrite anything.
