25 April 2022
5 min read
Ensuring clients take out the right cover should always be at the forefront of protection and health insurance conversations. But peace of mind is one thing.
With insurance propositions evolving, advisers are perfectly positioned to deliver a plan that clients can appreciate from the moment they take it out – not just when they claim
And it’s not only members who benefit. Advisers can also use heightened engagement to enrich their business too. Here’s how.
We believe that protection and health insurance offerings should not only be judged by the claims they pay out – but also by those they prevent. Using behavioural science and actual evidence to back it up. What this means is that an adviser’s role is changing. Clients are increasingly looking to take ownership of their wellbeing, so helping them know their numbers and keep healthier habits locked in place for life is now the direction of travel for the industry.
Research by Vitality reveals the value of having extra touchpoints that allow advisers to connect with clients more frequently. Some advisers arrange regular catchups to check clients are making the most of their plans. Others use softer tactics as an easy way to initiate a cover review. In addition, some providers like Vitality offer help via welcome calls, which are proven to boost member engagement.
Talking to clients about rewards and benefits they actually want to use allows advisers to add weight to recommendations. Benefits include better health, extra perks and savings of hundreds of pounds each year. Adding to this, your client can also lower the cost of their premium, giving them even more reason to engage.
By getting value from day one of their plans, clients are less likely to cancel them or let them lapse. They are also better placed to enjoy good health for longer through engagement with initiatives like the Vitality Programme, which means less chance of serious illness or death. All this helps generate client loyalty. After all, keeping clients happy can lead to more business referrals and prevent cancellations which helps reduce clawback.
More engaged clients are more likely to participate in annual reviews. Not only does this ensure their plan is kept up to date but also offers advisers more opportunity to upsell or cross-sell products, as well as build relationships. On average, advisers earn more commission if their clients take advantage of premium discounts, stay healthy and interact with their plan. That’s why we call it shared-value insurance. Everyone wins.
Greg Levine is Managing Director for Sales and Distribution for Vitality
 Clients who receive a welcome call are 16% less likely to lapse their plan, Vitality internal data 2021
 Members engaged with the Vitality Programme are at least 10% more likely to improve their health Across seven key lifestyle factors which include physical activity, sleep, healthy eating, alcohol intake, smoking, BMI and mental health, based on Vitality data
 Vitality Claims & Benefits report, 2021
 Up to 30% lower than our standard fixed-term premium – dependent on age and the length of term. Up to 40% lower than our standard Whole of Life premium – dependent on age and the length of term.
 Clients who reach Platinum status – the highest level of engagement – are two thirds less likely to let their lapse their plan, Vitality data 2019
 Moderate changes to physical activity and diet, resulting in minor improvements in metabolic risk, can have a material impact on a person’s lifespan and healthspan. For example, a 30-year-old man of average health could gain 2.8 years of healthy life through moderate changes to exercise and diet. A 30-year-old female who makes a moderate increase in exercise and diet could add three years of good health, Maximising healthspan report, Vitality Research Institute, 2021
 Average commission for advisers over time is 35% more than for non-Optimised plans, according to Vitality internal data, September 2019
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