Advisers have made a clear call for help from insurers to grow the market for protection and health insurance, with examples including events and research, application support and marketing campaigns.
Intermediaries Health & Protection spoke to are calling on insurance companies not to lose sight of the integral role they play in growing the market.
“We currently don’t see any insurers across healthcare or group risk looking to work with brokers to grow the business,” Charlie Cousins director of Engage Health, told Health & Protection.
“We would love nothing more than to work with insurers on dual campaigns for marketing, host events together, dual brand whitepapers and such, but no one seems interested.
“It would be amazing to see this change and have some insurers help focus on growing the market.”
Freeing-up time benefits everyone
Mark Harrington, chief operating officer at London & Country Mortgages, noted that providers already have many talents to help support advisers which could be used more.
He highlighted the great job insurers’ business development managers do explaining the benefits of their insurer’s propositions.
“Their role is important to build trust and help to educate new advisers on the market and their policy benefits,” he said.
“Helping to make advisers lives easier is of course important for everyone as it frees up advisers to help more customers rather than administration.
“For example, a lot of the insurers are now offering hand-off applications for clients to fill in rather than having to be completed over the phone with an adviser.”
Marketing boost for small firms
Advisers also highlighted examples of how other teams could be engaged to provide wider support.
One example of how insurers have made life easier for advisers came from Isaac Feiner, owner of Lifepoint Healthcare.
He cited an initiative from The Exeter a decade ago where the insurer pre-designed a selection of marketing leaflets for brokers and which could then be tailored with their logos and personal details.
“I think insurers should engage their marketing teams heavily for the benefit of the intermediary distribution channel and produce as much compliant marketing material for brokers to personalise and use,” Feiner continues.
“All brokers wish to grow their book and that starts with good compliant sales and marketing initiatives.
“Enhancing this for brokers can only be good for all – certainly for smaller brokers who do not have an internal marketing team to help them on this,” he added.