In my role, I hear a lot about the challenges of getting customers to see the value in protection. But one recent conversation I had with a broker stuck with me.
This adviser was telling me how they sometimes struggle with having their customer see the value in protection and wanted a few tips.
So I asked some probing questions about their approach to see if I could help.
One thing I asked was how they presented their recommendation, to which they responded: “I usually email them a quote to see how it lands and take it from there.”
What is the problem with that you may ask?
While technology has given us more ways to communicate than ever, when it comes to something with the importance of keeping customers and their families safe in their homes, nothing beats face-to-face conversations – and yes, that includes Teams.
It’s a cliché, but it is true: the right level of protection is rarely bought – it has to be educated, advised and recommended on, and then skilfully presented.
Doing this properly means providing a value experience; it means having human to human interaction with your clients, making them feel heard, understood and reassured.
The truth is, if you’re relying on emails and hoping for the best, you’re making an already tough job even harder.
But the benefits of face-to-face engagement with your clients stretches beyond improving your conversion rate.
Understanding client needs
It’s hard to argue against the idea that some cover is better than none, but our goal should be to ensure that clients have the right protection for their needs and lifestyle.
If asked, most clients say they simply want enough money to pay off their mortgage should the worst happen.
That’s fine – if that’s genuinely what they need.
But I bet if you dig a little deeper, being passionately curious and asking the right questions, they’ll realise that they also want to ensure that whoever survives them can continue to live life as they do today and are not burdened or financially restricted in any way.
They may also want to ensure their children can go to university, or that they are still able to go on those family holidays making memories, just as they would have done, should they receive the news we all dread.
Without real conversations – whether in person or via video – it’s tough, if not impossible, to draw out this information. I call it unstated needs.
Building trust
According to the Association of Mortgage Intermediaries’ (AMI) latest Protection Viewpoint, most people think advisers are simply salespeople chasing commission.
That means building trust is crucial – and real trust is not easy to establish. You’ll never do that over email.
When trust is established, it’s much easier to discuss sensitive topics such as illness or death. Clients also open-up more, share their real concerns and are far more likely to take on board what you tell them.
Clarifying complex products and overcoming objections
Protection insurance policies can be complex, with various options, exclusions, and underwriting quirks.
A face-to-face meeting enables you to explain these details clearly, answer questions in real time and ensure clients fully understand what they’re signing up for.
Objections come in many forms. Some clients bury their heads in the sand when the topic of protection arises. Others push back on the level of cover they need.
But when you’re in front of a client, you stand a much better chance of helping them overcome their concerns, providing reassurance and guiding them towards making an informed decision.
Ask yourself: when was the last time someone convinced you of the value in doing something you didn’t already want to do via email?