The Power of Solution Diversification Matthew Whitehouse, Head of - - PowerPoint PPT Presentation

The Power of Solution Diversification

Matthew Whitehouse, Head of Regional Sales Unum March 2018

What is Diversification ?

“Diversification is a corporate strategy to enter into a new market

• r industry in which the business doesn't currently operate, while

also creating a new product for that new market. ... Expansion of the existing product line with related products is one such method adopted by many businesses”

Why are we talking about it ?

Challenges in PMI market Makes business sense Clients want solutions which may not be product specific You said you wanted to

Benefits of Diversification

Reducing Risk Become a ‘One stop shop’ Gain a deeper insight of your client’s challenges’

More solutions = More client Contact More client contact = longer client relationship More solutions = More Revenue Longer client relationship = More Revenue for longer

Line Manager Training Workshops and online modules Employee Assistance Programme Private Medical Insurance treatment Return to Work (RTW) plan Group Income Protection payment Rehabilitation Critical Illness lump sum payment Sick Pay Insurance Rehab Helpline

Holistic advice is better advice

Day 0 Day 14 Day 28 6 months Return to Work

Market Opportunity

2.2m have Group Income Protection

9.2m have Group Life Insurance

23m Full time employees in the UK

ONS, 2016; Swiss Re Group Watch Report ,2017 Lang Buisson ,2015

4 million have Private Medical Insurance

12 million UK adults would suffer financial hardship due to unexpected ill health or death

Aviva, 2017

Market Opportunity

• Whole of workforce Benefits
• UK Protection Gap
• Working within budgets

• Current challenges create risk
• Industry responsibility
• Diversification can help
• Improved client outcomes

Key Takeaways