Mortgage Intelligence Protection Update: Don’t leave your clients in the dark this autumn
National Account Manager for Protection Craig Bryce highlights the importance of staying in touch with clients and providing regular protection reviews
Staying in contact with clients about protection, whether through regular reviews, newsletters, catch-ups or reminders of policy benefits, is a vital part of the advice you deliver. It is important to remember that protection needs can change in the blink of an eye for a client, leaving them vulnerable to financial shocks and worst case scenarios.
Circumstances change quickly
Your clients are unlikely to call you up to announce a new addition to their family, which can leave them needing more cover. Neither are they likely to shout about a new promotion, which may open up their budget to give them the opportunity to improve on their level of protection. That is why staying in contact with your clients regularly will help ensure they have the cover they need and support client retention.
Making annual statements work for you
Royal London, AIG, Scottish Widows and Zurich are some of the protection providers already issuing annual statements to customers, detailing the policies and the level of cover that they hold. Why is this so important? Because using them as a sales aid and following up on these with your client can be a great way to build on the advice you give.
Remind them of benefits
It is worth reminding clients of the added value benefits of their cover, such as Royal London’s Helping Hand or LV’s Doctors Services. Calling them up to talk about their cover may often result in a frantic search at the other end of the phone, as they realise they are not as aware of the benefits as they assumed.
Refreshing the protection conversation
It is a lot to expect of clients to fully grasp the implications of protection the first time around. Cover is often sold during the mortgage meeting, when they already have a lot on their mind. They may also now have a slightly different attitude about the necessity of protection, their budget and what cover they require.
Industry changes
Sometimes there are changes in the world of protection that may affect whether your client’s policy is best for them. For example, Aviva recently merged with Friends Life, which may have changed whether your client is on the most suitable protection plan. Supporting
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