In episode 32 of the Growth Series podcast, Jeremy Duncombe, Director of Intermediary Distribution at Accord Mortgages, is joined by Richard Kateley, Head of Intermediary Development at Legal & General. Many brokers consider providing protection as an important part of their proposition. However, there are still many who veer away from selling protection or don’t see it as a core part of their business. We know that there is a ‘protection gap’ in the market but we also know that protection, for the most part, is sold and not bought. Which is where the challenge may lie for many.
Richard begins the podcast by talking about why he’s passionate about protection, which while it might sound like a dry subject, is absolutely critical should the worst happen. He’s witnessed the relief of clients who have lost a loved one and been told they don’t have to worry about repaying the mortgage, all thanks to the value that protection brings.
The most successful brokers that benefit from operating in the protection space are those that have those products hardwired into their process. Getting the conversation started as early as possible helps clients engage with the idea of protection, and products can then be factored in when determining the affordability of a mortgage.
Richard goes on to talk about some of the most impactful case studies he’s come across of brokers kick-starting the conversation about protection with their clients.
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0.00 - 1.00 Welcome and Introduction
1.01 - 27.09 Jeremy and Richard discuss:
- What holds brokers back from selling protection products, and how brokers can ensure that clients’ protection needs are met.
- What brokers can do to educate clients on the need for financial protection, either by individual brokers or the market as a whole.
- Whether different approaches are needed to sell protection products, and whether there is a way to address protection that ensures a complete sale includes multiple products.
- The approaches employed by brokers who successfully sell protection.
- The skills gap and how brokers can fill it.
- How providers can help support brokers in this market.
- How digitisation will affect protection sales
- What the future looks like, and whether there will ever be a time where the majority of people have adequate protection in place.
27.10 - 28.27 Outro