This time of year is always filled with optimism and can be a great opportunity to reflect on the past 12 months. There’s no better time to set goals and work out what you want to achieve over the next year.
By stepping out of your comfort zone, you can create better outcomes. So, let’s explore how you can put your best foot forward this coming year…
Choosing the right strategy
If you’re aiming to increase your income from protection products, there are many ways you can achieve it. By planning out a strategy, you have the best chance of success.
Firstly, you need to think about what’s going on both internally in your business and externally in the wider world. Once you have an understanding of this, you’ll start to see some of the steps you could take to achieve your objectives.
What’s going on in the world around you?
Consider the economy, employment, interest rates, taxation, market opportunities, products and competitors.
Where’s my business today?
Think in terms of numbers, budgets, clients, staff, processes, skills and knowledge.
Armed with this information, you can explore the benefits and drawbacks of different types of strategy. Here’s a matrix to highlight the different ways protection volumes could be increased:
Market penetration – Bringing more protection products into the conversation with existing clients.
Market development – Advising on the same protection products but to new clients, growing the customer footprint of the business.
Product development – Discussing new protection areas with existing clients.
Diversification – Although this may be the riskiest choice, you could advise on products you don’t have any experience on to new clients.
Being tactical
Once you’ve chosen a strategy to try out, you can consider the steps required to make it happen. Let’s look at two examples.
Increasing protection conversions
As an adviser, you adjust your advice process for each individual client, but protection is relevant to everyone. By positioning it positively and making sure it’s discussed in every meeting, you increase your chance of converting more clients. During every communication, you should signpost protection and before each meeting, encourage your clients to engage with relevant content.
Bringing business protection into the conversation
- Brush up on your business protection knowledge
- Segment your client list, so you can filter by business owners
- Ask business-related questions into the fact find
- Discuss business protection in client meetings
Whichever path you choose to increase your protection volumes, there’s so much support out there from providers. Visit the Legal & General website to find out more.
Good luck in 2025!
Thanks to Dave Butler, Legal & General, Market Development Manager for providing this article.
Missed this?
Check out our recent article about the AMI Protection Viewpoint report findings here.
