First Complete is calling on the insurance industry to improve and grow the protection market by uniting and working as one.
The mortgage and protection network said the Seven Families campaign, which encouraged more people to consider an insurance product that is often overlooked, has provided a “great springboard” for the industry to build on. By increasing awareness and promoting the benefits of financial protection insurance, the campaign succeeded in raising the profile of a much overlooked insurance product, the network said.
However, First Complete argues that this is only the beginning, saying that the industry must continue to promote the advantages that this type of protection provides. As such, the company is calling on the industry to take some basic steps to improve the perception of protection, including:
- Communicating with clients regularly to ensure they understand their policies, as well as their value, in order to discourage cancellations
- Ensuring clients understand the potential impact and risk of not having the cover or letting cover they have lapse
- Writing terms and conditions in plain English and free of jargon to make them easier to understand and less daunting for customers
- Educating brokers on the product solutions available through fact sheets, advertising, webinars, and other tools
Steve Berry, protection manager at First Complete, said: “We are at risk of letting all the good work carried out by the Seven Families campaign go to waste. Whilst these improvements may require the insurance industry to change, we must understand the benefit to the customer and broker of simple clear messages covering the importance of protection and the key benefits it provides.
“As an industry, we need to work together to improve and grow the protection market. We are currently living in uncertain times, and many customers would benefit from the certainty that protection products can provide.
“It would be great to see the big insurers taking out prime time advertising on TV to promote the importance of protection to consumers. At the same time, let’s work with advisers and go back to basics by truly educating them on the importance of protection. Above all else, let’s work as one rather than as individuals to finally give protection the attention it has needed for so long.”