THE VALUE OF GI ADVICE: PROTECTING YOUR CLIENTS 26 th June 2018 - - PowerPoint PPT Presentation
Paradigm Event THE VALUE OF GI ADVICE: PROTECTING YOUR CLIENTS 26 th June 2018 LEARNING OUTCOMES Recognise your GI duty of care to clients Understand how to avoid the cross-selling risk and protect your business Explain the
THE VALUE OF GI ADVICE: PROTECTING YOUR CLIENTS
26th June 2018
Paradigm Event
LEARNING OUTCOMES
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GI SUPPORT .
15+ years’ in the General Insurance and Protection industry mark.jackson@landg.com 07384 452318 GI Account Manager Mark Jackson
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WHY BOTHER WITH GENERAL INSURANCE?
Client
“To fulfil a Duty Of Care, a vital social purpose. To To pr provide
financial cial sec secur urity a ity at some t some of
the most e most trag tragic ic an and d
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CHANGING MINDSETS – COMMON OBJECTIONS.
Duty of Care
I don’t have any GI clients The internet is cheaper Clients are in a flood risk area Don’t want to get involved in claims Too time consuming Not worth my time
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IF THEY DO IT THEMSELVES, WHO WILL THEY SPEAK TO?
Banks Building Societies Post Office Internet TV Direct Mail
another adviser?
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AVOID THE CROSS-SELLING RISK.
£80K - £750K
£800pcm - £825pcm
Significant risk of cross-selling
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Duty of Care
I don’t have any GI clients The internet is cheaper Clients are in a flood risk area Don’t want to get involved in claims Too time consuming Not worth my time
CHANGING MINDSETS – COMMON OBJECTIONS.
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THE ADDED VALUE OF ADVICE.
What’s the difference between someone buying through you and buying direct online?
The value of your advice is beyond price!
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HOW WELL DO AGGREGATOR WEBSITES EXPLAIN THESE…
Accidental Damage (includes drop, break, spill and scorch) Escape of water Theft Storm Personal Possessions
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YOUR ADVICE IS THE KEY.
Source: SunLife Aug ‘16 (Romeo and Juliet is 24,545 words long, average insurance document 25,669 according to sample of 30 products)
The average insurance product comes with 25,669 words of explanation… that’s more than Shakespeare's Romeo and Juliet!
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DO CLIENTS KNOW WHAT THEY’RE BUYING?
Home Emergency Cover is often extra!
BEWARE OF ASSUMPTIONS:
water source
HIDDEN CHARGES:
policy mid-term?
adding/removing cover mid-term?
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PRODUCT COMPARISON TOOL.
Example Insurance Example Insurancereflect competitor product changes
Insurance Landlords’ Insurance and Short- Term Income Protection
and benefits rather than headline price
driven by
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Duty of Care
I don’t have any GI clients The internet is cheaper Clients are in a flood risk area Don’t want to get involved in claims Too time consuming Not worth my time
CHANGING MINDSETS – COMMON OBJECTIONS.
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FLOOD RE SCHEME.
policies and is aiming to increase this to 190,000
Source: Flood Re
Automated ceding process Improving customer experience through automation
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Duty of Care
I don’t have any GI clients The internet is cheaper Clients are in a flood risk area Don’t want to get involved in claims Too time consuming Not worth my time
CHANGING MINDSETS – COMMON OBJECTIONS.
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BEHAVIOURAL ECONOMICS.
a method of economic analysis that applies psychological insights into human behaviour to explain economic decision-making.
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SMARTCLAIM.
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DEVELOPMENT OF SMARTCLAIM.
Rapid Settlement
Online Phone
digital validation auto validation auto pay dedicated team
Seamless customer Claims’ journey = Minimises risk of complaints Increased referrals from family and friends
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SMARTCLAIMS.
“Absolutely brilliant! Fast service and very easy to do the claim via the mobile links. Thank you” “39 minutes from first picking up the phone to settlement is remarkable.” “This is the first time in 52 years I have had to make a claim. Brilliant service, well done!!!” “I can’t fault the
looking after me was super. Jason his name was. Brilliant, just brilliant!”
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Duty of Care
I don’t have any GI clients The internet is cheaper Clients are in a flood risk area Don’t want to get involved in claims Too time consuming Not worth my time
CHANGING MINDSETS – COMMON OBJECTIONS.
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HOW DOES THE HOURLY RATE COMPARE?
MORTGAGE LIFE GI
PRODUCT DETAIL
£150k £25pm £25pm
SALES TIME
12 hours? 1 hour 30 mins
REWARD
£600 £600 £75
£££’s PER HOUR
£50 £600 £150
What if we could reduce the time it takes to sell a Home Insurance policy even further?
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Duty of Care
I don’t have any GI clients The internet is cheaper Clients are in a flood risk area Don’t want to get involved in claims Too time consuming Not worth my time
CHANGING MINDSETS – COMMON OBJECTIONS.
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A RAPIDLY CHANGING BUSINESS.
Mar 2017 Sep 2017 Aug 2017 Apr 2018 Dec 2016
Cheryl Agius becomes CEO of General Insurance First GI ‘Hackathon’ held Agreeing key projects and focus ‘SmartQuote’ launched in L&G’s Direct business ‘SmartClaim’ launched GI Connect launched* in intermediary channel
Q3 / Q4 2018
SmartQuote functionality within GI Connect
Q4 2018
SmartClaim v2 SmartService Automation / AI Product Innovation Household and Landlords’ Insurance already live Lifestyle Cover due to launch in H2 2018
*
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TIMES ARE CHANGING.
How it was… The unconnected world! Look familiar?
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WELCOME TO THE FUTURE.
Now we’re fully connected too…
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SMARTQUOTE – MAKING INSURANCE EASIER.
Name Address D.O.B Claims (in last 5 years) B, C or B&C?
Already captured during fact find
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IMPROVING CLIENT AND ADVISER EXPERIENCE. TIME
Takes time for the adviser to capture all details
ASSUMPTIONS
Customer may not know the answers to all the questions which are asked
RISK
Many questions do not add value to the overall insurance risk
COMPLEXITY
Potential non-disclosure of risks and/or complexity can drive a lengthy claims settlement
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HOW TO WORK WITH US?
www.landg.com/advisercentre
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HOW TO WORK WITH US?
www.landg.com/advisercentre
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HOW TO WORK WITH US?
www.landg.com/advisercentre
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HOW TO WORK WITH US?
www.landg.com/advisercentre
THANK YOU – ANY QUESTIONS? Customers are at the heart of everything we do. We strive to achieve great value and excellent service.