One key area for the group market is early intervention. As soon as an individual is off sick these services can kick in where required, particularly focusing on mental health and musculoskeletal issues.
Whereas in the individual market the insurer wouldn’t typically get involved until the claim stage, which could be many months or even years after symptoms first appeared.
Richard Kateley, head of intermediary development at Legal & General, says one of the big developments in 2017 will be around helping clients get back to work.
“From our experience, the vast majority of our claimants don’t want to live off the benefits of a policy, they want to get back to being well and back to work.
“Providers are in a great position to help clients to do this through early intervention and rehabilitation services, not just be there to pay the claim but to truly help them improve their lives.”
Legal & General and Zurich Insurance, along with various other providers, already offer such services, albeit a slimmed down version of those offered in the group market. Typically, for IP, it takes the shape of an advice service with access to various experts, including medical, consumer rights, debt management and professional counseling.
Also, Royal London launched its Helping Hand initiative last year. This gives policyholders and their families access to a personal nurse adviser who can provide tailored support in the form of individual care plans, help at home and help for carers.
Ms Gilchrist adds: “We need to look more at how added value can work in the individual market. There’s clearly a need as people aren’t getting such support from the NHS.”
The key, though, as found in the group market, is to communicate these benefits well to ensure usage.
“IFAs can help in this regard,” says Ms Gilchrist. “by focusing on looking after the emotional and practical aspects for clients as well, not just the financial.”
It may also be worth IFAs looking working with providers to set up their own bespoke added value propositions to help set their business apart and build customer loyalty.
One IFA did just that with Square Health, which provides access to a network of medical professionals, along with tele-medical, screening and 2nd opinion and preventative healthcare services.
Steve Casey, marketing director at Square Health, said: “The regulator is saying that IFAs should be talking to customers more regularly. Our services give them further reasons to make contact because we’re keen to encourage regular usage.”
6) Focus on personalisation & probabilities
Understanding customers needs and wants are key to ensuring trust and a positive experience. IFAs have a key role here in ensuring that products are personalised to lifestage, type of job, family circumstances, budget, whether a homeowner or renting.
