Paradigm Event THE VALUE OF GI ADVICE: PROTECTING YOUR CLIENTS 26 th June 2018
LEARNING OUTCOMES • Recognise your GI ‘duty of care’ to clients • Understand how to avoid the cross-selling risk and protect your business • Explain the value of advice compared to Price Comparison Websites • Describe five client benefits of our award winning SmartClaim process • Discuss the importance of IT innovation to make adviser/client lives easier
GI SUPPORT . 3 Mark Jackson GI Account Manager mark.jackson@landg.com 07384 452318 15+ years’ in the General Insurance and Protection industry
WHY BOTHER WITH GENERAL INSURANCE? 4 Client “To fulfil a Duty Of Care, a vital social purpose. To To pr provide ovide finan financial cial sec secur urity a ity at some t some of of th the most e most trag tragic ic an and d often challenging moments in peoples’ lives.”
CHANGING MINDSETS – COMMON OBJECTIONS. 5 I don’t have any GI clients Too time The internet consuming is cheaper Duty of Care Clients are Not worth in a flood my time risk area Don’t want to get involved in claims
IF THEY DO IT THEMSELVES, WHO WILL THEY SPEAK TO? 6 Banks Internet another adviser? Building Societies TV Post Office Direct Mail
AVOID THE CROSS-SELLING RISK. 7 • CV8 1TH • 7 properties for sale in this area £80K - £750K • 2 properties to rent up to £800pcm - £825pcm • 100+ advisers within 7.8 miles Significant risk of cross-selling
CHANGING MINDSETS – COMMON OBJECTIONS. 8 I don’t have any GI clients Too time The internet consuming is cheaper Duty of Care Clients are Not worth in a flood my time risk area Don’t want to get involved in claims
THE ADDED VALUE OF ADVICE. 9 What’s the difference between someone buying through you and buying direct online? Advice The value of your advice is beyond price!
HOW WELL DO AGGREGATOR WEBSITES EXPLAIN THESE… 10 Accidental Damage (includes drop, break, spill and scorch) Escape of water Theft Storm Personal Possessions
YOUR ADVICE IS THE KEY. 11 The average insurance product comes with 25,669 words of explanation… that’s more than Shakespeare's Romeo and Juliet! Source: SunLife Aug ‘16 (Romeo and Juliet is 24,545 words long, average insurance document 25,669 according to sample of 30 products)
DO CLIENTS KNOW WHAT THEY’RE BUYING? 12 ! Home Emergency Cover is often extra! BEWARE OF ASSUMPTIONS: The home is occupied during the day • The home is more than 400m from a • water source HIDDEN CHARGES: Is it free for the client to cancel the • policy mid-term? Are there admin charges for • adding/removing cover mid-term?
PRODUCT COMPARISON TOOL. 13 driven by Example Insurance • Independent comparison • Regularly updated to reflect competitor product changes Example Insurance • Available for Home Insurance Landlords’ Insurance and Short- Term Income Protection • Focus clients on features and benefits rather than headline price
CHANGING MINDSETS – COMMON OBJECTIONS. 14 I don’t have any GI clients Too time The internet consuming is cheaper Duty of Care Clients are Not worth in a flood my time risk area Don’t want to get involved in claims
FLOOD RE SCHEME. 15 • 80% of households with previous flood claims had over a 50% price reduction in their insurance • Flood Re: covers more than 127,000 Home Insurance policies and is aiming to increase this to 190,000 Automated ceding process Improving customer experience through automation Source: Flood Re
CHANGING MINDSETS – COMMON OBJECTIONS. 16 I don’t have any GI clients Too time The internet consuming is cheaper Duty of Care Clients are Not worth in a flood my time risk area Don’t want to get involved in claims
BEHAVIOURAL ECONOMICS. 17 a method of economic analysis that applies psychological insights into human behaviour to explain economic decision-making.
SMARTCLAIM. 18 • Uses Behavioural Economics to deter fraud • Nov 17 - Launched for TVs, laptops and mobiles • Jan 18 - Extended to all Contents claims from • May 18 – Pilot taking place for Buildings claims • Over 5,000 ‘ SmartClaims ’ handled so far • Claims can be reported online or via telephone
DEVELOPMENT OF SMARTCLAIM. 19 digital validation auto pay Rapid Settlement auto validation dedicated team or Online Phone Claims’ journey = Minimises risk of complaints Seamless customer Increased referrals from family and friends
SMARTCLAIMS. 20 “Absolutely brilliant! Fast service and very easy to do the claim via the mobile links. Thank you” “39 minutes from first “I can’t fault the picking up the service. The guy phone to looking after me settlement is was super. Jason remarkable.” his name was. Brilliant, just brilliant!” “This is the first time in 52 years I have had to make a claim. Brilliant service, well done!!!”
CHANGING MINDSETS – COMMON OBJECTIONS. 21 I don’t have any GI clients Too time The internet consuming is cheaper Duty of Care Clients are Not worth in a flood my time risk area Don’t want to get involved in claims
HOW DOES THE HOURLY RATE COMPARE? 22 MORTGAGE LIFE GI PRODUCT DETAIL £150k £25pm £25pm SALES TIME 12 hours? 1 hour 30 mins REWARD £600 £600 £75 £££’s £50 £600 £150 PER HOUR What if we could reduce the time it takes to sell a Home Insurance policy even further?
CHANGING MINDSETS – COMMON OBJECTIONS. 23 I don’t have any GI clients Too time The internet consuming is cheaper Duty of Care Clients are Not worth in a flood my time risk area Don’t want to get involved in claims
A RAPIDLY CHANGING BUSINESS. 24 SmartClaim v2 SmartService ‘ SmartQuote ’ launched in GI Connect launched* in Cheryl Agius becomes Automation / AI intermediary channel CEO of General Insurance L&G’s Direct business Product Innovation Mar 2017 Aug 2017 Sep 2017 Apr 2018 Q4 2018 Dec 2016 Q3 / Q4 2018 First GI ‘Hackathon’ held ‘ SmartClaim ’ launched SmartQuote functionality Agreeing key projects and focus within GI Connect Household and Landlords’ Insurance already live * Lifestyle Cover due to launch in H2 2018
TIMES ARE CHANGING. 25 How it was… The unconnected world! Look familiar?
WELCOME TO THE FUTURE. 26 Now we’re fully connected too… • Replacing GIology – online functionality • Demonstrates commitment to intermediary market • Mobile and tablet enabled • Improved Pricing capability • Flood Re: acceptance rules built in • Integrating into various CRMs / Sourcing portals
SMARTQUOTE – MAKING INSURANCE EASIER. 27 Claims B, C or Name Address D.O.B (in last B&C? 5 years) Already captured during fact find + =
IMPROVING CLIENT AND ADVISER EXPERIENCE. 28 TIME ASSUMPTIONS RISK COMPLEXITY Takes time for the adviser Customer may not know Many questions do not Potential non-disclosure of to capture all details the answers to all the add value to the overall risks and/or complexity can questions which are asked insurance risk drive a lengthy claims settlement
HOW TO WORK WITH US? 29 www.landg.com/advisercentre
HOW TO WORK WITH US? 30 www.landg.com/advisercentre
HOW TO WORK WITH US? 31 www.landg.com/advisercentre
HOW TO WORK WITH US? 32 www.landg.com/advisercentre
THANK YOU – ANY QUESTIONS? Customers are at the heart of everything we do. We strive to achieve great value and excellent service.
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