'Positive protection stories' needed says Edwards

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Advisers need to tell ‘positive protection stories' to encourage take-up of protection, Roger Edwards, of Roger Edwards Marketing Ltd, told the Financial Services Expo in Manchester.

Edwards warned that the lack of focus on positive outcomes for those who take out protection was leading to consumers not securing the right level of protection.

He also warned that the market was far too complex and a culture exists within the industry where it is acceptable to ‘disappoint', with one in four customers not able to secure the product and rate their adviser has recommended to a provider.

The Financial Services Expo Manchester was held at The Emirates - Old Trafford in Manchester on 20th May 2015.

Edwards said: "Twenty years ago, people didn't take out protection products for three reasons, they said, ‘I don't need it; it's too expensive; and they [the insurers] won't pay out'. Twenty years on they are giving the same reasons for why they won't buy and we need to get over this.

"In order to do this we need to get them in front of an adviser and we can use technology to do this in order to overcome those objectives."

He added: "We need to use stories to tell people why it's important to take out protection.

"Don't talk about the product, talk about the outcome, and use social media to do this.

"Rescuing someone's entire financial future is a great story to tell and I believe [advisers'] websites can become the hub to host these positive stories.

"Nowadays, it's so much easier to do this via podcasts, videos and articles."

 Further Reading:

Protection market grows by 4.1% - Swiss Re

L&G launches business protection training videos

Protection: Three priorities for the industry

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