The Power of Solution Diversification Matthew Whitehouse, Head of Regional Sales Unum March 2018
What is Diversification ? “Diversification is a corporate strategy to enter into a new market or industry in which the business doesn't currently operate, while also creating a new product for that new market. ... Expansion of the existing product line with related products is one such method adopted by many businesses”
Makes You said business you wanted sense to Why are we talking about it ? Clients want solutions which Challenges may not be in PMI product specific market
Gain a deeper Benefits of insight of Become a ‘One your client’s Diversification stop shop’ challenges’ Reducing Risk
More solutions = More Revenue More solutions = More client Contact More client contact = longer client relationship Longer client relationship = More Revenue for longer
Holistic advice is better advice Group Income Protection payment Sick Pay Insurance Private Medical Insurance treatment Critical Illness lump sum payment Day 0 Day 14 Day 28 6 months Return to Work Rehabilitation Return to Work (RTW) plan Rehab Helpline Line Manager Training Workshops and online modules Employee Assistance Programme
Market Opportunity 23m Full time employees in the UK 12 million UK adults would suffer 4 million have financial hardship due to unexpected ill Private 9.2m have 2.2m have health or death Group Group Life Medical Income Insurance Protection Insurance Aviva, 2017 Lang Buisson ,2015 ONS, 2016; Swiss Re Group Watch Report ,2017
Market Opportunity • Whole of workforce Benefits • UK Protection Gap • Working within budgets
Key Takeaways • Current challenges create risk • Industry responsibility • Diversification can help • Improved client outcomes
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