Enhancing the appeal and retention of protection advice through valueadded services
In previous editions of this magazine, I’ ve written a lot about the challenges advisers face in demonstrating the value of advice to clients.
As you know, in the competitive and quickly evolving landscape protection products, insurers are also constantly seeking ways to differentiate their offerings for customers. One strategy through which they can make products more appealing to clients is the incorporation of value-added services. In this article, I’ ll explore how value-added services can enhance the attractiveness of protection products, helping you get to know more about your clients and to meet more of their holistic needs.
Adding value beyond the core product
Value-added services are additional benefits provided alongside the core insurance product. These services can range from health and wellness programmes to legal advice, and even digital tools that enhance the customer experience. By building-in these extra benefits, insurers can create more comprehensive products to clients, addressing a wider range of their needs and concerns.
For example, many insurers now offer access to health and wellness programmes as part of their protection products. These programmes may include gym memberships, nutritional advice, mental health support, and regular health checkups. By promoting a healthier lifestyle, insurers not only help clients improve their wellbeing but also reduce the likelihood of claims.
Enhancing customer engagement
Moreover, these services can be tailored to meet the specific needs of different customer segments, and your knowledge of your client’ s circumstances and goals mean you’ re perfectly positioned to help them understand which additional services might prove most valuable to them.
Improving client retention
Value-added services can play a pivotal role in enhancing client retention by providing tangible benefits in addition to the core protection cover provided – including benefits that they may not have even known that they might want!.
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