18 Protection Insurance Ideas and Insights from Financial Services Expo 2014

Seven great speakers. Over 800 attendees. Loads of business ideas.

I enjoyed curating and chairing the Protection Stream at the Financial Services Expo 2014 in London.

Focussing on the future of the protection market my speakers covered innovation, mobile technology, critical illness cover evolution, social media and content marketing.

And some good old-fashioned sales ideas.

18 Protection Insurance Ideas and Insights from Financial Services Expo 2014

Here are some bite sized ideas and insights from the speakers.

Johnny Timpson – Scottish Widows

1. Johnny, 2014’s Protection Personality of the Year at the Protection Review Awards asked whether work-site marketing might be the future of protection? Should we be creating deeper relationships with SME’s?

2. Given that first time buyers are becoming older as they struggle to get mortgages, talking about rent protection is just is just as important as mortgage protection.

3. Talking about how the protection industry is still price driven, Johnny reminded me of an old Scottish Provident marketing campaign from the 1990s.

“Advice not Price.”

Jonathan Hughes – RGA

4. Jonathan described his vision of the future. There’s be no growth in the protection market without growth in protection advice. We won’t see Apple or Google coming into protection. It’s too small. Too regulated and has low margins.

5. Discussing complex language and jargon, Jonathan came up with the quote of the day. It really makes you think about the words we use in protection.

“Doesn’t premium mean expensive? Isn’t policy something Governments do? Isn’t protection something I need if I’m sleeping around?”

6. When developing any future propositions we should build the mobile version first and then move to more traditional web solutions. How many protection providers are thinking like this?

Alan Lakey – CI Expert/Highclere FS

7. Alan argued that critical illness cover is too convoluted for consumers.  And that it’s too confusing for advisers because they are not doctors. Technical guides range from 60 to 120 pages. Does anyone read these?

8. Asking how we can keep high quality plans but make them much simpler, Alan suggested combining similar conditions into categories. So if one category included 15 current critical illnesses that would be simpler.

“Would this work or do “long lists” work better?”

9. Expect to see critical illness plans covering Lorenzo’s Oil Disease before long.

Hear Alan talk about CI Expert on the MPAF Podcast.

Phil Jeynes – Pru Protect

10. Phil asked, “If we built CI from scratch today, would we end up with what we have?” Or would we have developed the “partial payment” model used by Pru Protect?

11. Using analogies of house insurance Phil said no one who spills red wine on their carpet would expect a replacement house. Why should critical illness be about all or nothing?

12. Phil wondered whether anyone had ever researched what people spend their critical illness payouts on. After paying off mortgages I am sure it’s holidays next.

Hear Phil talk about Serious Illness Cover on the MPAF Podcast.

18 Protection Insurance Ideas and Insights from Financial Services Expo 2014

Derek Bradley – Panacea Adviser

13. Derek asserted that financial advisers couldn’t afford to avoid social media. Social Media has replaced the Yellow Pages.

14. Don’t be concerned about compliance, but do be careful what you say. Derek used an example where he’d complained about a hotel on Twitter. He mentioned sleeping pills in the context of noise. Soon the police arrived concerned about what he might use his sleeping pills for.

Hear Derek talking about Adviser Communities on the MPAF Podcast.

Simon Ryan – Social Adviser

14. Continuing the discussion about social media, Simon said there are three truths about social media.

“It’s for everyone. It gets results. And it’s easy.”

15. Social media is about PIE. People. Information and Entertainment. I like the tie in to Pete Matthew’s podcast interview where he asserts that modern marketing is all about education.

16. Simon showed how leads in social media come from a dialogue with clients and that sometimes leads are hidden in the conversation.

Hear Simon talk about Online Marketing for Advisers on the MPAF Podcast.

Alan Cole – Bright Grey

17. Alan is a past master at getting sales ideas across. Some are obvious but we often forget them. Such as the price of two single life plans only costing pennies more than a joint life plan. Two potential payouts. Nearly the same price.

18. Talking about objection handling, Alan explained how he responds to, “Protection is too expensive.”

“Compared to what?” he asks. A full Sky TV package at £80. A make over in a beauty salon?

Now it’s your turn:

Were you at Financial Services Expo 2014 in London? Did you pick up any more protection insurance ideas and insights? Please share them. Add a comment below or give us a link to your own blog.

And if you know anyone who would enjoy this article please share it with them.

Pete Matthew on using Audio and Video to Drive Adviser Leads – MPAF14

Traditional marketing communications is all about promotion. Promoting a product, service or person.

In the digital space however, individuals and companies now see marketing as education and themselves as teachers.

And they produce content that educates their customers and not simply sells a proposition.

One well-known UK financial adviser demonstrates the power of this approach.

His website, Meaningful Money, showcases nearly 300 videos and a weekly audio podcast that’s just hit episode 75. This audio and video content creates quality leads for is adviser firm.

My Guest on Episode 14 of the Marketing Protection and Finance Podcast is Pete Matthew.

MPAF14 - Pete Matthew

Click here to TWEET this episode.

Hear how he began thinking of himself as a teacher as well as an adviser. Hear how he developed Meaningful Money and created his audio and video content.

Listen to his tips on how to create high quality content on a modest budget, and how this can drive more leads to your business.

Who is Pete Matthew?

Pete describes himself as a very content husband and father of two wonderful children. He’s also a Chartered Financial Planner, a Certified Financial Planner (CFP) and Managing Director of Jacksons Wealth Management in Penzance, UK.

You can tell that Pete just adores the internet and everything about it. He’s an Apple addict and gets so excited about the possibilities of Social Media and how it can change the world.

On Meaningful Money you can find many self-produced videos about all aspects of financial services and 75 episodes of The Meaningful Money Podcast.

I would describe Pete as one of the most prolific content creators in the UK financial services industry and I am really looking forward to chatting about all the great content came about.

Pete’s links:

People and resources Pete mentioned:

Pete’s Favourite Business Books:

 Crush it – Gary Vaynerchuk

 Rework – Jason Freed and David Heinemeier Hansson

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Now it’s your turn:

If you enjoyed this episode – Pete Matthew on using Audio and Video to Drive Adviser Leads – 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.

Phil Young on Adviser Lounge and Writing Great Content – MPAF13

Creating written content for Trade or National Media, or for specialist websites is a great way to increase your profile and promote your expertise.

And it’s not the compliance minefield that many fear it is.

Adviser Lounge provides a creative, supportive and motivational environment to hone your content creation skills and provides a way of showcasing your work.

My Guest on Episode 13 of the Marketing Protection and Finance Podcast is Phil Young.

Phil Young on Adviser Lounge and Writing Great Content

Hear Phil talk about how Adviser Lounge came about and how it can provide a platform for advisers eager to create their own written content.

Listen to tips on how to create great written content, ensure it’s engaging and can promote your expertise and create business opportunities.

Click here to TWEET this episode.

Who is Phil Young?

Phil is Managing Director at Three Sixty – a support service company for financial advisers, looking after 750 directly authorised firms in the UK.

Phil is a painter – and is working his way through painting people in financial services – which he describes as a rogues gallery.

Phil’s Links:

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

Subscribe on iTunes

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Now it’s your turn:

If you enjoyed this episode – Phil Young on Adviser Lounge and Writing Great Content – 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.