3) Wellbeing is critical for success
As it’s widely accepted that employee wellbeing is critical for success, having the know-how to advise on or introduce it can strengthen your relationships with clients by widening the conversation to include this important topic.
When it comes to protecting clients from the financial consequences of illness or injury, it can, therefore, pay to have a working knowledge of healthcare, income protection and key person cover (and, while you may not wish to enter the general insurance broking arena, being mindful of the general insurances needed to keep a business up and running should help convince your clients you understand the bigger picture).
4) Begin with Number One
When it comes to personal protection, arguably the best place to begin is with Number One. It’s a business imperative and, sadly, a truth universally acknowledged that, as we get older, it’s more a question of when rather than if we’ll need medical care.
And, with ever increasing pressure on the NHS, getting the care you need at a time and place that works for you and for your business can be a challenge.
Better still, becoming better acquainted with protection need not be daunting. The good news is insurers are providing advisers with the information and support they need to meet their business clients’ needs – from background briefings and technical training to tailored sales and promotional material.
IFAs can also set up introducer relationships with specialist insurers to take the lead on sales and service, which, while less hands on, can earn a welcome, steady income stream.
So, if you’re not advising on or introducing protection cover, think again – you may be pleasantly surprised to see what it can do for your business.
Paul Moulton is SME director for Axa PPP Healthcare