Survey: Do added benefits help advisers sell protection products and give greater value to their clients?

Epoq - Building Value in the Life Sector (2)Earlier this year, we commissioned a survey to find out if life and protection insurance advisers think that including added benefits to an insurance policy is of value to both their clients and their firms and if not, what are the reasons.

In particular, we wanted to know if advisers thought a legal service which includes online legal documents, such as wills and powers of attorney would be of value to their clients.

The survey was completed by senior decision makers from sixteen of the UK’s leading protection adviser firms and this is what they told us:

Key findings
•    56% believe offering added benefits with a protection policy will help with sales
•    81% believe that clients would find a legal service that helps them to handle legal matters like making a will or power of attorney of value
•    56% think that insurers should offer a range of added benefits in addition to the core insurance product
•    100% believe that insurers should do more to remind clients about any added-benefits in their ongoing communications and marketing

Conclusion
Despite the increase in direct-to-consumer insurance providers, advisers remain an important distribution channel for life and protection products. Many consumers rely on advisers to guide them and source the best products for their circumstances.

This survey shows that added benefits can play a role in helping advisers to not only provide the best solution for their clients’ protection needs, but also to differentiate, sell more products and retain more clients.

However, it is also clear that there is scope for insurers to offer more in the way of added-benefit products and to communicate the value of them to advisers and their clients.

Download a copy of the findings from here.

For more information about our added-benefit services, please call us on 020 8731 2424 or email emma@epoq.co.uk