“Currently though, proper promotion and comparison of value-added services on the adviser portals is very poor.”
So convinced is Health Shield that added value services are important to clients, it has reverse engineered its entire proposition, evolving its brand to become a wellbeing provider, placing the added value services to the fore, while still including traditional cash plan benefits first and foremost, as part of a menu of options for clients.
Its newly launched Breeze proposition usurps all of the provider’s products and services that went before it, effectively bringing together all of its self-care and prevention services to provide a one-stop-shop well-being solution for employers - particularly SMEs - and employees within a fully digital and tailored experience.
This includes everything from GP Anytime services, on-demand physio and health assessments to stress-related absence support and even Occupational Health services.
At this year’s Protection Review conference, it was suggested to advisers that the small group market - and group IP specifically - could represent the answer to getting essential mental health support to more people, helping meet individual needs and societal goals.
Katharine Moxham, spokesperson for group risk trade body GRiD, adds: “For advisers who don’t currently specialise in group risk, it’s worth developing that expertise as there is certainly an opportunity.”
Back to the individual market and according to Sawyers, the industry should always stick to the main reasons for purchasing protection insurance: namely the financial aspect.
“Holistically, as an industry improving wellbeing and health for our customers is essential and if added value services can support that then that’s excellent, but it should never stray from the core reason for purchasing the product.”
In summary, more needs to be done by all parties to help advisers compare the additional benefits and get the word out there, in a bid to improve customer awareness and usage. But advisers won’t talk about it unless they know about it.
Product director at iPipeline, Paul Yates agrees: “Value Added Services can really help advisers to cement a protection sale – both now and on an ongoing basis.
“As always, it is important to personalise advice to the needs of clients.
“It is therefore vital that advisers can blend the core product benefits and price as well as any explaining any value-added services that may apply.”
Kevin Carr is managing director and Suzanne Clarkson is associate consultant at Carr Consulting & Communications
