Protection Update 11th February 2022
Protection Update 11th February 2022
- UnderwriteMe coming soon
- Compare Quality Reports & New client facing Sales Aids
- Writing Protection into Trust – Webinars
Hi everyone and welcome to this weeks protection update.
Hopefully you managed to join Bob and myself at our roadshows over this last couple of weeks.
Numbers were decent across all the events and I hope you found the ideas and content useful.
UnderwriteMe coming soon
From a protection perspective, we spoke about UnderwriteMe. What is UnderwriteMe you might be asking if you didn’t happen to join us at one of the roadshows? Let me explain how this is going to fit in…
I think it’s important we make it clear that your sales process is not changing.
That means you will still use the key to document your client file and client details.
We’ve got an integration into Solution Builder where you’ll be able to source the protection solution for your client.
But, for those situations where you hit a bit of a stumbling block; you will now be able to access UnderwriteMe.
So let’s say you have a client who has a specific medical issue. It could be asthma, high blood pressure, a large BMI or anything else… UnderwriteMe will give you the ability to find out the terms from a range of protection providers BEFORE you submit your application.
At the moment, quote portals work the other way around. You would make a recommendation and then wait to see what the terms are going to be once the life company have completed their underwriting assessment of the case.
The terms you end up with might not be standard. You might not get terms straight away. The life company could ask for a GP report or ask for a medical examination.
They could come back with non-standard terms which means the client has to pay a higher premium due to a rating. You might even get a decline which means that terms are not available.
So, the UnderwriteMe system is going to cut through that and give you the ability to see the terms offered by various life companies.
This week and last week; we just gave you a sneak peek about the UnderwriteMe protection platform to illustrate how this can help you and your business.
Next week, we’re going to be running some drop in webinars every day where you can find out exactly how it works in readiness for when we make it available to you – which will this month, February. There are 4 sessions for you to choose from and each of them is 12.30 lunchtime – Monday, Wednesday, Thursday and Friday.
I’ve added links to this protection update so that you can register for one of the UnderwriteMe sessions next week.
Register for the UnderwriteMe Drop in Webinars >>
Compare Quality Reports & New client facing Sales Aids
Now the other thing from a protection point of view we covered on the roadshows was our brand-new client facing sales aids that are going to help you tailor your protection solutions to include things which are important to clients and their families.
Here’s the thing…
Let’s say, I’m your client and there is something that is really important to me and my family which you could factor into your advice and recommendation for protection.
But how would you know about that thing if you didn’t ask me?
For example, if I said that what’s important to me is that we’ve struggled to get doctors appointments at the GP surgery over this last couple of years. So, I’d quite like it if I could have a protection plan that allowed me to have GP appointments on my phone.
Knowing that information would allow you to factor that into your research and you might be able to tailor a plan to my needs that includes that particular thing.
What about second medical opinions. Do clients know that they could access something like that through their protection policy?
What about the actual quality of the cover itself? Certainly, when we look at Critical Illness policies, they aren’t all the same. Most providers have standard and enhanced versions of their plans.
If someone wants high quality, how do we factor that in?
What about the cover available for the wider family including children? Could it be useful to be able to identify cover which has decent quality cover in that area?
SolutionBuilder has a wonderful tool built into it which is powered by Protection Guru.
Protection Guru have done a lot of hard work to independently evaluate the quality of various elements of all the protection covers which are available on the market and you can produce a report which allows you to appreciate the quality of those features and benefits as part of your protection research.
That tool is called “Compare Quality”.
But also, we’ve produced some client facing sales aids which line up exactly with the options you can choose through the compare quality tool.
The sales aids are available on the adviser site right now and we can even bespoke brand these to your business.
I’ve added a link to this protection update where you can take a look at these sales aids.
But if you want to see the context of how this all pulls together; I ran a session on the roadshows to show you how you can use these sales aids and then how to produce the compare quality reports based on what your clients have told you is important to them and their family.
All of this leads to better client outcomes – because they end up with a more tailored protection solution.
I’ve added a recording of my full session onto the adviser site and there is a link to that on this week’s protection update.
Watch the roadshow session: Reasons to Recommend Protection / Compare Quality >>
Writing Protection into Trust – Webinars starting next week
Finally, I just want to mention the first round of webinars which kick off next week. We’re going to be looking at Trusts with a brand-new session called “Writing Protection Policies into Trust”.
Now I’ve just taken a quick look at the registrations and I can tell you there are very, very few places left, so if you do want to join, click on the link below to register. In fact, there are just 12 spaces left next week. Looks like it’s a popular session.
I’ll be running the first of 2 webinars next week – the next one takes place the week after.
If you do miss out this time, we will be revising this session again in August later this year and I will be very shortly publishing the full webinar program for 2022.
So, that’s it from me for another week.
Have a great weekend and I’ll see you soon!
