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Making Direct Protection Insurance Sales Work

Making Direct Protection Insurance Sales Work. David Buckingham July 2016. Current Situation. IFA. Mass Market. State. Health Warning: Very broad brush, simple definitions. Now. Potential. Target Market. Families who don’t or won’t use traditional intermediated channels.

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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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