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Making Direct Protection Insurance Sales Work

Explore how to effectively sell insurance directly to families who prefer non-traditional channels, targeting key concerns like financial responsibility and importance of life insurance. Learn from past plans, keep it simple and affordable, and leverage digital tools to reach more customers. Be bold, test strategies, and focus on customer needs. Supplement existing intermediaries with a direct approach.

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Making Direct Protection Insurance Sales Work

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  1. Making Direct Protection Insurance Sales Work David Buckingham July 2016

  2. Current Situation IFA Mass Market State HealthWarning: Very broad brush, simple definitions

  3. Now Potential

  4. Target Market Families who don’t or won’t use traditional intermediated channels ‘Whose responsibility is it to provide financially if I die or become seriously ill’? Myself or my family – 75% Very Important – 60% ‘How important is Life Insurance’? Yes – 45% Car Breakdown Cover – 56% Pet Insurance – 47% ‘Do you have Life Insurance’? To pay off my mortgage – 58% ‘Why do you have Life Insurance’?

  5. ‘Peace of mind’ – 73% • Not tangible – No car insurance, can’t drive • Less than1% chance of using, but massive impact Difficult sale! Why they do and why they don’t • ‘Cant afford it/poor value for money’ – 45% • 50% don’t actually know the cost • Complicated, don’t know how or where Excuses, excuses, excuses!

  6. The basics are in place: • Target Market  • Opportunity  But can we really do it? We’ve done it before – Over 50 Plans: • Simple Proposition • Affordable Premiums • Selling to a defined funeral need

  7. How for Term Insurance?

  8. Proposition – Easy to understand • No bells and whistles – Complexity and choice = confusion • Simple Critical Illness – 3 illnesses, fixed level of benefit Simple Surprise and delight – Added extras • Winston’s Wish • Free Gift Take an IFA Proposition and offer direct - No Journey – Simple • Simplified Underwriting with an instant decision • Multi-device responsive website, with telephony back up

  9. Big and Brave Be Brave • Nobody will get it right first time – test and learn strategy needed: • Multi-Channel marketing • Interactive tools • Be positive – Marketing messages should normalise protection Be Big • Marketing costs versus benefits can be a challenge – SunLife £40m

  10. Will it work YES! Why? • Always be customers who want to do it themselves • Some customers need a nudge, they won’t go looking • We simply can’t afford to get it wrong • Compliments what's already in place through intermediaries

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