21 AUTUMN PROTECT NEWSLETTER 3. Don’t be afraid to talk about declined claims I briefly mentioned claim statistics above. At LV=, we couldn’t pay 6%² of personal protection claims last year. We believe it’s just as important to talk about these claims and why we didn’t pay them. Behind most of these declined claims there’s a wider industry issue, with around 7 in 10² declined claims being due to misrepresentation. Sharing these statistics can open the dialogue, helping clients to understand the reasoning behind why insurers occasionally have to decline claims. This will help your clients feel confident that with your advice and support this won’t happen to them. 4. Talk about the wider benefits of protection Most protection products these days go beyond the main claim. Within our Income Protection policy alone, we offer 4 potential claim opportunities through the various product features included. Last year we paid 54 Fracture Cover claims, paid £105k in Death Benefit payments and £89k through our Parent and Child cover feature², all of this is built into the policy. Fracture Cover is a great one to highlight with clients early on, often talking about protection can feel very ‘doom and gloom’ to a client. The idea of suffering a fracture can be seen as a more relatable experience compared to early death. Eric* injured his knee playing football in May 2023. He called us in June to claim on his Income Protection policy which includes fracture cover as standard. We received medical evidence that showed he was unable to work, and so we were able to pay his main claim. We needed more evidence to pay his additional fracture cover claim, and once that was received, we were also able to pay him a lump sum of £2,200. Eric had to have surgery, but his recovery put him on track for a return to work in early 2024. *Name for illustrative purposes only. The peace of mind these additional product features can provide can’t be understated, and case studies can really bring the value of protection to life. The same applies to value added services like remote medical services, don’t forget to make them a part of the conversation. We have a short guide that shows all the different ways your client can benefit across the LV= Flexible Protection Plan. 5. Use claims stories to re-engage existing clients Over time, people can forget the conversation that took place that triggered their protection purchase. Remember, protection is often an emotional sale that appeals to your client’s desire to make sure loved ones are taken care of, homes are protected, and long-term financial goals aren’t impacted. Sharing these case studies with existing clients can really help to remind them of why they took the cover out in the first place and help aid retention. The good news is insurers often have great resources to help you empower your protection conversations. If you need any more support, your LV= account manager is more than happy to help you. *Names and images are for illustrative purposes only. ¹ LV= Wealth and Wellbeing Research – December 2022. ² LV= Claims report 2023
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