You’re likely all too familiar with the misconceptions that exist around insurance, one of the more common being distrust around insurers paying claims. Our Wealth and Wellbeing research showed that nearly 1 in 5¹ without cover don’t have protection because they don’t trust insurers to pay their claim. There’s a lot to unpack as to why that might be the case, so I won’t do that today. Instead, I want to focus on what’s in your control, and that’s how you engage with your clients on protection. How can you use claims to inspire trust? It’s almost a cliché to say at this point but claims really are the moment of truth for protection and your advice. Here’s 5 simple ways you can incorporate claims into your advice. 1. Talk about claims from the outset Our Wealth and Wellbeing research revealed that 1 in 5¹ would want to hear about the claim process from their financial adviser as part of the protection conversation. As much as the focus of the conversation should be on the merits of the product, talking about how it works in practice can be just as important. Take the time to talk through your recommended insurer’s claims process, how they go about making a claim and what they can expect. There’s usually plenty of information on provider’s websites that can help form the basis of that conversation. The research also highlighted that 15%¹ want to hear about claim statistics. Claims reports can be a valuable tool to help you talk around your recommended provider’s claims experience, showing that declined claims are the exception and not the rule. 2. Bring your advice to life with case studies Real stories can illustrate the difference that protection makes to those individuals and families going through a difficult time and shows that protection pays. We’ve recently shared Jennie’s story with the market, a powerful message that shows the impact of protection can be life changing. 20 AUTUMN PROTECT NEWSLETTER Carl Heard National Account Manager LV= Jennie Gow is a Formula 1 broadcaster and pitlane reporter. In December 2022, her life changed when she suffered an unexpected stroke triggered by a heavy cough. Only a few months before, she had taken out Income Protection on the recommendation of her adviser. This policy ended up providing important support to her and her family at a difficult time. Watch Jennie's story here At LV=, we’ve launched a real stories hub, to provide you with relevant and human examples that you can draw out in your conversations. Using claims to empower clients’ decisions
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