Up and down the country people’s lives are changing more than we could ever have imagined.
Some advisers feel their role is changing in parallel, with a more defined pastoral care element to protection advice planning now evolving.
Families are worried not only about their physical health, but also financially, and there are serious and wide-ranging repercussions for the nation’s mental health.
According to NHS England, there has been an 82 per cent fall in the number of NHS patients admitted for routine operations over the past year, while millions of patients have had to wait at least 18 weeks to start hospital treatment for routine operations.
It is not just Covid-19 that could make us sick – avoiding a GP because we are worried about Covid-19 could be just as bad for our healthAt the same time, 24,000 cases of cancer have gone undiagnosed – according to Cancer Research UK – and critical illness claims are down by 40 per cent in 2020, compared to last year.
It is not just Covid-19 that could make us sick – avoiding a GP because we are worried about Covid-19 could be just as bad for our health.
Speaking to advisers recently, a growing number feel their role is changing and evolving specifically because of the pandemic.
From encouraging clients to see a doctor through to helping clients avoid (or go through) a divorce, for some advisers the core requirements of financial advice and financial planning are changing into something much more basic, and human – even though much of it is being aided by technology.
One adviser we spoke to said that Covid-19 has undoubtedly created a new normal, which is especially apt in the advisory world.
He said adaptability and agility will become more important, while behavioural and psychological paradigms are changing. Much of this could be positive in the long term as people become more naturally insular looking, which will lead to a more palatable conversation about protection.
However, he was also concerned that reluctance to visit a GP means some clients may not just be missing out in terms of claiming on a policy, but also on important support services.
The use of technology between advisers and clients has also spiralled since the pandemic began, with many advisers already considering this to be the way forward for client communications.
Feedback we received from another adviser revealed there was an initial urgency to communicate with his clients, primarily to allay any investment-based concerns, but also to ensure they were aware of his availability to discuss all manner of concerns brought about by Covid-19 and lockdown.
While he thought emails and phone calls are OK, video calls are much more personal, and he said this enhanced use of technology has been a game-changer. Not only does it save time but, in some cases, it also leads to stronger and more personal relationships with his clients.
Webinar and video conferencing technology has also been used by providers to run online training sessions to help staff and advisers update their knowledge and skills and assist them in navigating the challenges brought about by the pandemic.
Over the course of two months, we have trained 8,000 advisers on a variety of topics, including sales skills and how to engage clients about protection.
The protection industry as we knew it is set for unprecedented changes too.
While many life insurance claims have already been paid, the backlog of CI claims is starting to come through – but worryingly many may now be advanced cases, instead of early stages.
A rise in income protection claims is also widely expected as myriad longer-term health concerns become clearer.
However, I know financial advisers and providers alike will meet these challenges head on and do their very best for customers – after all that is what insurance is here for.
Ali Crossley is managing director of partnerships for Legal & General’s insurance division
