Using claims to empower clients’ decisions
Carl Heard, National Account Manager
You’re likely all too familiar with the misconceptions that exist around insurance, one of the more common being distrust around insurers paying claims. Our Wealth and Wellbeing research showed that nearly 1 in 5¹ without cover don’t have protection because they don’t trust insurers to pay their claim.
There’s a lot to unpack as to why that might be the case, so I won’t do that today. Instead, I want to focus on what’s in your control, and that’s how you engage with your clients on protection.
How can you use claims to inspire trust?
It’s almost a cliché to say at this point but claims really are the moment of truth for protection and your advice. Here’s 5 simple ways you can incorporate claims into your advice.
1. Talk about claims from the outset
Our Wealth and Wellbeing research revealed that 1 in 5¹ would want to hear about the claim process from their financial adviser as part of the protection conversation. As much as the focus of the conversation should be on the merits of the product, talking about how it works in practice can be just as important. Take the time to talk through your recommended insurer’s claims process, how they go about making a claim and what they can expect. There’s usually plenty of information on provider’s websites that can help form the basis of that conversation.
The research also highlighted that 15%¹ want to hear about claim statistics. Claims reports can be a valuable tool to help you talk around your recommended provider’s claims experience, showing that declined claims are the exception and not the rule.
2. Bring your advice to life with case studies
Alongside claim statistics, sharing real claim case studies can illustrate the difference that protection makes to those individuals and families going through a difficult time.
A powerful example that I often share is our longest Income Protection claim that recently ended in 2023 after 38 years.
