One size doesn't fit all - a tailored approach to protection sales
Thursday, 11 September 2008
Bright Grey, a specialist protection business providing flexible menu plans, has carried out an in-depth study of consumers' attitudes to insurance and used the results to launch a campaign that will help advisers address a reduction in income through falling mortgage sales and sell more protection.
The campaign aims to maximise protection sales by identifying the protection needs of clients that fall into four different life stages - single, couple, family and divorced. The adviser guide, available both online and in print, shows a series of scenarios for each life stage to help advisers recommend the right product solution for each client, whatever their circumstances.
The material is aimed at both advisers new to the market and those who want to earn more from protection sales. However experienced the adviser, the guide aims to make the protection sale as easy as possible. A desktop flipchart gives product scenarios for each of the four life stages and a range of sales aids will help advisers deal with their clients' objections. There is also unbranded client-facing brochures that have been designed to address the different needs of each life stage.
Roger Edwards, Proposition Director, Bright Grey said:
"The credit crunch has brought personal budgets into sharp focus as disposable income is being tested to the hilt. However, this shouldn't detract from the importance of protection. In fact, in a time of economic uncertainty, having in place the financial foundation of protection insurance should ease people's concerns of future financial uncertainty.
"The research was a very insightful view into people's attitudes towards protection insurance. This has allowed us to collate some common obstacles advisers may be met with and an array of tools that help the adviser to overcome these obstacles."
In the adviser guide each life stage is based around a case study to help identify the personal circumstances of their clients and highlight what questions advisers might ask. Bright Grey's menu-based plan then allows advisers to be extremely flexible and accommodate the varying needs and choices clients are likely to make depending on their life stage and make their budget work to maximum effect.
The case studies also help demonstrate what an extra few pounds above the budget can achieve. The example sales ideas will help advisers drive revenue and deliver value while demonstrating the importance of advice in the protection sale.
Roger Edwards continues:
"By thinking about customers in different life stages advisers can get a clearer understanding of the protection needs of their clients. Differentiating between life stages helps advisers gain a better understanding of their customers' values and lifestyles and what drives their behaviour. This in turn makes them more attuned to their clients protection needs."
To find out more about Bright Grey's life stages campaign please visit www.brightadviser.co.uk
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For further information please contact:
neil.cameron@brightgrey.com
Tel: 0131 247 1677
Notes to Editors
Royal London Group, is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:
- Scottish Life - UK pensions market
- Bright Grey - UK protection market
- Scottish Provident - UK protection market
- Phoenix Life Assurance Limited - provides life and pensions products to Abbey's national branch network
- Scottish Life International - offshore investment markets
- Scottish Provident International - offshore investment markets
- RLAM - fund management
- RLAS - life and pensions administration
- Fundsdirect / Ascentric - funds supermarket; Wrap platform
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £32.4 billion. Group businesses serve around three million customers and employ 2,750 people. Figures quoted are as at 30 June 2008, prior to the acquisition of Scottish Provident's new business capabilities (in respect of individual life protection business) and of Phoenix Life Assurance Limited.