The National Health Service (NHS) faces a pressing predicament. Among the 7.47 million patients awaiting routine hospital treatment, the most disconcerting figure pertains to the 30,600 cancer patients enduring over 62 days of waiting for diagnosis and treatment.
These statistics are more than mere numbers; they paint a distressing picture of a healthcare system under duress.
As the pressure on the NHS continues to mount, it underscores the vital role of insurance advisers and the significance of value-added benefits within insurance policies during these challenging times.
Role of advisers
Insurance advisers occupy a central position in guiding clients towards comprehensive solutions that extend beyond financial protection.
Although financial security remains paramount, value-added benefits offer a lifeline to clients as they navigate the uncertainties of the NHS crisis. These often-overlooked benefits play a pivotal role in safeguarding not only their finances but their overall wellbeing and peace of mind.
These benefits are not mere add-ons; they are the foundational pillars of support that clients require during their most vulnerable moments
Recently, our company had the privilege of hosting Dave Marcus as a guest speaker during a charity event at our head office. His personal journey underscores the transformative power of value-added benefits within insurance policies.
Dave’s insurance policy, provided by AIG, transcended the tax-free payment it offered. The inclusion of Smart Health, a value-added benefit, proved to be the turning point. This benefit gave Dave the opportunity to seek a second medical opinion, leading to the early diagnosis of lung cancer.
Without this invaluable addition, Dave’s cancer might have remained undetected, as illustrated by his initial chest infection misdiagnosis from his local surgery.
Early detection, as demonstrated by Dave’s case, can make the difference between life and death.
Strengthening client-broker relationships
In an era marked by escalating living costs, clients seek more than mere financial coverage in their insurance policies. They desire genuine value to alleviate their burdens during challenging times. Insurance brokers, acting as advocates for these clients, play a pivotal role in explaining the advantages of built-in value-added benefits from the outset.
Value-added benefits offer a lifeline to clients as they navigate the uncertainties of the NHS crisis
These benefits serve as unique selling points that enhance customer engagement in a fiercely competitive market. Brokers who prioritise coverage quality over cost nurture higher client retention rates and forge enduring client-broker relationships. By offering clients comprehensive coverage that encompasses these additional services, brokers also substantially increase their conversion rates.
The life-saving aspect of these value-added benefits cannot be underestimated. Even with income protection and critical-illness cover payouts, medical treatment costs can be exceedingly high. In such situations, utilising an insurance payout to cover these expenses can supersede the primary reason for taking out insurance — covering bills, mortgages, rent and daily living expenses.
Advisers can illuminate the path to comprehensive solutions by emphasising value-added benefits. These benefits offer the assurance that, in times of crisis, clients are not alone. Their security during the NHS crisis becomes a unique selling point, setting insurance policies apart in a crowded market.
These benefits serve as unique selling points that enhance customer engagement in a fiercely competitive market
Clients who feel secure and well protected enable brokers to cultivate lasting relationships. Satisfied clients are more likely to become advocates, referring friends and family, which is a testament to the trust they place in their adviser.
Foundational pillars
These benefits are not mere add-ons; they are the foundational pillars of support that clients require during their most vulnerable moments.
For protection advisers and brokers, they represent the key to establishing enduring relationships, enriching customer engagement and often serving as a beacon of hope during times of crisis.
This benefit gave Dave a second medical opinion
In essence, it’s about ensuring that clients possess not only the necessary financial support but also access to the finest healthcare options when they need them most. This, in turn, empowers brokers to build trust and receive grateful calls from clients during their times of need.
Nicola McKenzie is head of mortgage services and director at DM Mortgages
This article featured in the November 2023 edition of MS.
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