We spoke to protection adviser Roy Allaway about how he ensures his clients get the most out of Vitality and how he also benefits as a result.When it comes to protection conversations, making sure clients take out the right cover should always be the main priority for financial advisers. However, it’s important to remember the additional value available within some plans. Not only do these support the health and wellbeing of clients, they keep them more engaged which means they are less likely to cancel or let it lapse.
With Vitality, this can keep the cost of premiums lower and reduce the likelihood of a claim being made by encouraging them to make positive lifestyle choices. All of this is good for advisers too. We asked Roy Allaway, principle at Taking Cover, to tell us more.
How have you seen clients make positive lifestyle choices?“So many people have made changes - they have gone out walking, they have gone out cycling. Interestingly, I think Vitality has been the perfect partner for some clients during lockdown. It’s really enriched their lives. Vitality has been the thing that has helped them on that journey, by linking what they are doing to the range of rewards and benefits provided through the Vitality Programme. I also think Vitality enhances people’s lives because if you are thinking about your health, which is what it helps you to do, then you are more likely to do something about it.”
How do you ensure a client gets the most out of their plan?“As an adviser, through Vitality, I’ve got some great opportunities to have more touchpoints with my clients, which I love. We speak to them a couple of weeks after the plan has been set up to make sure everything is up and running. In six months, we will talk to them about their points and their status, and then of course the fabulous anniversary statements, a great document and an easy reason to catch-up once a year."
“What works really well for me when talking to clients is the fact that I’ve had my own plan since 2014. I love it, I get it. And I really believe in what it’s trying to do.”
What tips can you give advisers who might be setting up a plan?“We suggest clients just take 15 minutes to log into the Member Zone, have a play around, read some articles, check devices synced and so on - make it part of their routine."
“It’s important to remember that anything that doesn’t work easily can make clients lose interest. For example, if their fitness device is not synced and they hadn’t realised. In addition, the extra services Vitality brought in during the pandemic have helped my clients re-engage with their fitness and the Vitality Programme.”
In what other ways do you benefit as an adviser?“Personally, I’m into fitness and I run a fasting group. I’ve also recovered after 20 years of insomnia so consider myself an expert on sleep – so sharing Vitality articles about lifestyle and health-related topics with clients is another great way to stay in contact."
“Because clients buy into it, love the concept and get really involved – they then recommend it to their friends and send them to me! While I’m sure brokers are recommended by word of mouth, I can’t imagine it happens like this with other insurance products.”
We’ve all got our reasons to make positive changes in life. That includes you and your clients. Watch the Agents of Change video series to hear more about how financial advisers are bringing Shared Value to their clients and how they are also benefiting as a result.
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