Five ways client engagement can boost your business

Keeping clients engaged with their protection and health insurance plan is not just good for them. Advisers can enjoy a whole host of additional business benefits, writes Vitality’s Greg Levine and Adam Saville.

The problem with traditional insurance plans is that too often they get bought and forgotten about. Clients might see their monthly premium come out of their bank account and struggle to remember why they need it. Especially at a time when many households are likely to be questioning everything they spend.

Ensuring clients take out the right cover should always be at the forefront of protection and health insurance conversations. But peace of mind is one thing. What we are also talking about here is value. Something tangible they can place their finger on from day one.

It’s not only members who benefit. Advisers can also use heightened engagement to enrich their business. Here’s how.

1. Help your clients live better

We believe that protection and health insurance offerings should not only be judged by the claims they pay out – but also by those they prevent. Using behavioural science and actual evidence to back it up. What this means is that an adviser’s role is changing. Clients are increasingly looking to take ownership of their wellbeing, so helping them know their numbers and keep healthier habits locked in place for life is now the direction of travel for the industry.

2. Enjoy more touch points with clients

Feedback from advisers is that Vitality offers them extra touch points that allow them to connect with clients more frequently. Some advisers arrange regular catch-ups to check they are making the most of their plans. Others use the softer aspects of Vitality as an easy way in to initiate a cover review. We’ve heard some advisers adopt a ‘rule of six’: an initial call to help them set up followed by another six months later to reinforce the value to those who are engaged – or perhaps provide a nudge to those who are not. In addition, we also help with our welcome calls, which are proven to boost member engagement¹.

3. Deliver tangible value

Talking to clients about rewards and benefits (they are actually going to use) allows advisers to add weight to recommendations. This means advisers can provide solutions to meet their client’s needs, as well as help them to support their lifestyle. Benefits include better health², extra perks and savings of hundreds of pounds each year³. Adding to this, your client can also lower the cost of their premium⁴, giving them even more reason to engage.

4. More loyal clients

By getting value from day one of their plan, your clients are less likely to cancel it or let it lapse⁵. They are also better placed to enjoy good health for longer⁶ through engagement with the Vitality Programme, which means less chance of serious illness or death⁷. All this reflects well onto you as an adviser and helps generate client loyalty. After all, keeping clients happy can lead to more business referrals, create additional sales opportunities and prevent cancellations which helps reduce clawback.

5. Additional sales opportunities

Our proposition also provides enhanced sale opportunities for advisers. More engaged clients are more likely to participate in annual reviews. Not only does this ensure their plan is kept up to date but also offers advisers more opportunity to upsell or cross-sell products, as well as build relationships. On average, advisers earn more commission if their clients take advantage of premium discounts, stay healthy and interact with their plan⁸. This is due to greater levels of benefit take-up, fewer lapses and the fact your client is more likely to live longer. That’s why we call it shared-value insurance. Everyone wins.

Working towards better client outcomes is good for everybody – and this includes you and your business. Visit our Supporting business quality page to read more.

Find out more about our latest enhancements to the Vitality Programme and how we are encouraging your clients to take the ‘Next Best Action’ for their health and wellbeing. The future of personalised health. Now.

Sources:
1. Clients who receive a welcome call are 16% less likely to lapse their plan, Vitality internal data 2021
2. Members engaged with the Vitality Programme are at least 10% more likely to improve their health Across seven key lifestyle factors which include physical activity, sleep, healthy eating, alcohol intake, smoking, BMI and mental health, based on Vitality data
3. Vitality Claims & Benefits report, 2021
4. Up to 30% lower than our standard fixed-term premium – dependent on age and the length of term. Up to 40% lower than our standard Whole of Life premium – dependent on age and the length of term.
5. Clients who reach Platinum status – the highest level of engagement – are two thirds less likely to let their lapse their plan, Vitality data 2019
6. Moderate changes to physical activity and diet, resulting in minor improvements in metabolic risk, can have a material impact on a person’s lifespan and healthspan. For example, a 30-year-old man of average health could gain 2.8 years of healthy life through moderate changes to exercise and diet. A 30-year-old female who makes a moderate increase in exercise and diet could add three years of good health, Maximising healthspan report, Vitality Research Institute, 2021
7. https://adviser.vitality.co.uk/insights/vitality-engagement-reduce-risk-covid-death/
8. Average commission for advisers over time is 35% more than for non-Optimised plans, according to Vitality internal data, September 2019