While these mainly show comparative premium rates, some may ask whether these portals delve deep enough to show us the insurer propositions in their entireties and allow the profession to dissect and compare the integral components of various policies. I suppose this is where we come in.
The Insurance Distribution Directive asked the industry to be more active in its approach, to strengthen the confidence of consumers in insurance and to raise the level of minimum standards of insurance distribution.
Amid this plethora of change, insurance Business Development Managers are developing relationships with individuals who head up the business development or propositions team within financial planning firms.
This relationship becomes a strategic partnership and, in my view, is now one of the most important relationships in any firm. Developing a symbiotic relationship with a BDM and being mutually invested in the other to extract, negotiate, analyse and secure the best proposition for your clients, and one that is truly applicable to and complements the demographic and target market of your client base, should be at the forefront of the proposition’s strategy.
If nothing else, I implore you to make use of all BDM’s expertise to solidify and pandemic-proof your protection proposition and understanding of the intricacies of each product to remove any ambiguities.
Perhaps we should look to the title of Captain Tom Moore’s autobiography that “Tomorrow Will Be A Good Day” in recognition that we are adapting, rebuilding, and learning from the countless lessons that we learned last year, and will no doubt continue to learn well into 2021, even if Zoom and Skype is the digital glue that is keeping us together while we do this.
Christina Melling is head of propositions at a financial advice firm