Peter Hamilton, Friends Provident Direct access to the workforce, either in groups or one to one i...
Peter Hamilton, Friends Provident
Direct access to the workforce, either in groups or one to one is important. In our own experience of marketing stakeholder plans, such access has meant vastly improved take-up rates.
However, employers will need to be won over. Some, particularly those who already have large employer schemes, will view elements of our industry as professional, innovative and technologically advanced. Others may fear a predatory, hard sell approach to their employees. Regulation of protection products is due in 2005 and if employers have to be authorised, they are likely to be much less receptive to the affinity concept.
Simon Bailey, Scottish Equitable
Worksite marketing benefits both employers and employees as it offers the possibility of both company sponsored and voluntary arrangements.
Allowing the workforce to have access to these products requires significant human resource input and co-ordination, however the role of the adviser in the selection and the provision of the products remains essential.
Advisers can help by being actively involved in launching and promoting the scheme. In the longer term, advisers can also help to reinforce the value of the benefits,both in terms of fulfilment and on-going customer service.
Eugene McCormack, UnumProvident
The development of affinity schemes between insurers and employees could help expand the sales of employee benefits. Many employers are facing pressures to reduce costs as our economy slows down and investment returns dwindle. Lower cost, lower level, employer-funded benefit programmes topped up by employee-paid plans must have an attraction, but it still needs the financial adviser to guide the individual to the products that will meet their specific circumstances. From the customer's viewpoint, existing distribution methods do not always adequately serve their needs.
