Alan Lakey on Critical Illness Cover – MPAF Podcast Episode 3

Do you think that critical illness products have become too complicated?

In Episode 3 of the Marketing Protection and Finance Podcast – I talk to adviser Alan Lakey who’s built a business on the complexity of critical illness cover.

Alan is a well-known UK independent financial adviser thanks to his frequent appearances in trade media publications and clear views on critical illness cover and regulation.

He runs a firm called Highclere Financial Services. He’s had considerable success with a comparison engine called CIExpert.

Listen as Alan describes his business model and how CIExpert came about. Hear Alan’s views on the UK critical illness cover market. Whilst its complexity has boosted the success of Alan’s business, he believes the product is too complex and suggests alternative approaches.

Alan Lakey on Critical Illness Cover

Alan’s story is a fascinating example of third parties often having to create their own solutions the industry’s complexities.

Links to Alan’s best business book: Improve Your Punctuation And Grammar by Marion Field
Connect with Alan on LinkedIn: Alan Lakey
Follow Alan on Twitter: @HighClere_FS and @CIExpert

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3 Unsurprising Facts Unchanged in 20 years of Protection Insurance

How long have you worked in financial services?

It’s amazing how technology has changed but the communications challenges we face are the same, don’t you think?

3 Unsurprising Facts Unchanged in 20 years of Protection Insurance

I often get asked to speak at local adviser events. A popular topic is sharing marketing ideas about how advisers can grow their businesses.

An old colleague,  who I’ve not seen in over 10 years, recently invited me to speak at his lunchtime workshop. On the guest list I saw another couple of names I recognised from my early days in the industry. From the 1990s.

Speaking about growing the protection market is fascinating. Talking to people with whom I had similar conversations  two decades ago even more so.

When I thought about what I would talk about, I realised that some things have not changed at all.

  • People still do not think that they need protection insurance and even those that do, think of it as a grudge buy
  • They think that it is too expensive
  • They believe that insurance companies will try hard to find a way to decline claims.

Deeply engrained in consumers’ minds, these views prevail despite evidence to the contrary.

On top of that, apart from a surge of critical illness sales in the late 1990s and early 2000s, “flat” is how you would describe the protection market.

Yet, the way we do business has changed completely. Back when I started, we enjoyed our own telephones on desks for the first time. And HR departments were as worried that people would waste their time on the phone to friends as they are about them spending time on Facebook now.

No individual PCs, no internet and no mobile phones. We faxed hand calculated and typed quotations to advisers.

Sales consultants travelled the country with sacks full of 2p pieces for phoning the office from public call boxes. We advertised in the trade press. But unless you were in London you didn’t get your copy of the trade papers until the following week.

Now we have information overload on the Internet. Communication by mobile, Skype, iMessage, Facetime and video conference.

We can get instant quotations.

There are more channels for marketing communications across hundreds of TV stations, electronic bill boards and ads within apps.

And social media opens up a different way of engaging clients.

All this happened in less than 20 years. As a marketing person it’s fascinated me to see these new methods of communication develop.

But, despite technological developments beyond the dreams of most science fiction writers, the same three reasons why people don’t buy protection insurance prevail now as then.

Overcoming those objections requires the same approach. I’ve always believed a “Face to Face conversation” to handle those objections best approach. Twenty years ago. And today.

Of course to talk face to face we no longer need to be in the same room. Now we can talk “FaceTime to FaceTime“. Or “Skype to Skype“.

The digital technology revolution hasn’t changed the way people feel about protection. But we can use it to encourage more people into face to face meetings. That is where future protection market growth will come from.

Now it’s your turn:

What’s changed for the better over the last 20 years of protection insurance? What would you still like to see change? Please leave a comment or share a link to your own article.

Pete Chadborn on Adviser Business Models – MPAF Episode 2

Is it possible to run a small adviser firm to meet the needs of every single potential customer?

In the second episode of the Marketing Protection and Finance Podcast – I talk to adviser Pete Chadborn.

Pete is a well-known UK independent financial adviser thanks to his frequent appearances in trade media publications. He works at Plan Money in Colchester.

Listen as Pete describes his business model and how Plan Money aims never to turn any clients away. Hear Pete suggest ways in which the UK Protection Market can improve its customer service and how he speeds up Plan Money’s process with the Pre-research Underwriting Form.

Pete Chadborn on Adviser Business Models

It’s well worth listening to Pete’s forthright and enthusiastic views about the financial services industry.

Don’t miss an episode of the MPAF Podcast – subscribe now.

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Now it’s your turn:

If you enjoyed this episode – Pete Chadborn on Adviser Business Models – please leave a comment or a review on iTunes. And if you know anyone who would enjoy the show – please share it with them. You can use the buttons below to share on social media.