Protection continues to struggle. According to Swiss Re’s Term and Health Watch report 2014, term insurance sales are down 17.4% year on year, critical illness cover is down 21% and income protection is down 24%.
We’ve talked for years about what we can do to make protection grow. Is it generic TV advertising? Or simpler products?
Whilst some companies are dabbling with new direct to consumer approaches, providers to the adviser sector seem content to add complexity to existing products to keep their slice of a shrinking cake.
I think it is up to the financial adviser to stimulate protection market growth – and I’m speaking about this at the Financial Liverpool May event.
Here’s an outline of what I’m going to cover.
Protection is the cornerstone of anyone’s financial existence. And yet the market remains flat and consumers remain indifferent.
Providers are locked in a price and conditions war that layers more complexity onto products and processes. Complexity requires advice but complexity doesn’t engage clients or grow markets.
I believe that the only way we can grow the market now is through advisers using social media and content to find more customers. The “Social” Financial adviser is now key to future success.
In this presentation we’ll consider:
The current state of the protection market and its products. There’s no going back from complexity, but how can we better help clients understand what’s available
Will complexity in the adviser market drive clients to buy direct? Many providers seem to think that D2C is the way forward for protection. Is this true?
How can advisers grow the market using social media and content? For most consumers financial services are of no interest until suddenly it is the most important thing on their minds. How can we be there when it “gets urgent”?
To find out more about the event please click here.
If you can’t make it – I’ll post my script as another post in June.
Now it’s your turn: What do you think about growth in the protection market? Do we need TV advertising? Will more D2C products increase awareness and encourage more people to seek financial advice? Is the only hope for protection market growth the “Social” Financial Adviser?
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