The need for the protection market to be more inclusive of customers deemed high-risk has never had more focus. With the DWP-backed Access to Insurance initiative hot on the lips of key speakers the length and breadth of the UK over the past 12 months, it’s safe to say most are aware of the push to embrace the vision of protection for all, wherever possible. Yet, from personal experience of liaising with mortgage brokers and IFA’s in that time, whilst the will to try and help a client obtain protection is clear, I am also aware that the route to that goal is still somewhat obscured.
We need to change that.
There has been a quiet revolution of sorts in the past couple of years around the underwriting philosophies and product make up of many insurers - but it’s fair to say that unless you have been part of the specialist protection sector in that time, you may simply not have become aware of it. Not only are conditions such as diabetes and HIV now more often than not coverable, affordable and fast to secure, a much broader range of conditions such as heart disease, high BMI, kidney disease and more recently mental health are becoming part of that everyday protection make up of specialist insurance brokers and provider portfolios.
The message I am so keen to spread is that no matter how difficult these instances may have proven in the past, it is well worth you taking another look the next time a customer with a pre-existing condition is looking for protection.
Things are so very different now.
I’m a big believer in practicality being a key to implementing new ideas and therefore I want to share an easy three step guide that can genuinely provide a permanent solution to the question of how to place those clients deemed high-risk when it comes to their protection needs.
1 - Get in touch and sign an agreement with a specialist broker
There are several specialist protection brokers operating in the UK with a wealth of experience in the field. There’s ourselves of course - The Insurance Surgery – alongside a number of other great options such as Moneysworth and Cura. The process itself is straightforward and quick - an introducer agreement can be delivered and signed in a matter of minutes!
2 - Delegate
Consider giving the responsibility of liaising on matters relating to your high-risk clients to a member of your support team - or better still, simply allow the specialist broker to handle the whole process directly. Reputations are everything to consumer facing businesses - and thanks to the public feedback afforded to customers by social media and similar, it’s safe to say that any risks once associated with a third party talking to your client are largely a thing of the past. For reassurance on this, perhaps take a minute to look at public reviews of the specialist broker on platforms such as Google, Feefo or Trustpilot.
3 - Let the specialists get to work
The broker will be more than happy to handle everything and update you as requested, meaning that once a customer’s medical history identifies them as “high-risk” all you need to do is let your client know that an expert will be in touch, send the relevant details over to the specialists and, simply, let them do the work for you. Remember, being the best at placing high-risk clients is their bread and butter!
In short, taking the time to sign up with a specialist not only means you’re ready to help with your clients’ protection needs, but the financial element shouldn’t be ignored either. It could be the most productive ten minutes you spend this year!