Encouraging customers to take out business protection “is about letting them see the need, rather than you telling them what they need”, SPF Private Clients protection specialist, Louise Newnham, has argued.
Newnham explained it is more effective to prompt customers with relevant questions in getting them to take out business protection policies.
“You should ask them the questions such as what would be the impact if you were unable to work, what would be the impact to the business, what would be the impact to your personal outgoings, etcetera,” she said.
“I think it’s just about asking the right questions about what they do, how their company is set up, and just spotting the opportunities from there really.”
A similar sentiment was shared by Business Protected managing director, Nathaniel Lee, who said the decision to take out business protection is more logic driven than other types of protection.
“I think for all protection it’s an emotional decision with a lot of it backed up with logical arguments,” he explained.
“However, for business protection it is a little bit less emotional and a little bit more logical because there is that extra bit in the middle which is the business.”
Lee added the best way to encourage customers to purchase business protection is to ensure the most effective communication with them as possible.
“I think probably the best success is just making sure you start with people who you know really well, starting with your own accountant and making sure they understand positioning for business protection to make sure they are having those really good conversations,” he said.
“The leads that convert best for us are the ones that know why they’re having the conversation in the first place.
“Really spending time with those professional introducers, making sure they understand why they’re doing it, how it benefits them and their clients and how to best position that is the most important thing I would say.”
Newnham and Lee spoke at an event titled 'the business of protection – preparing advisers to excel', part of income protection week, on Thursday, September 26.
tom.dunstan@ft.com
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