A few weeks ago I visited one of our sales centres, where they arrange life insurance coverage for hundreds of families around the UK every day.
One of the sales agents told me a particularly poignant story about a customer. A woman had called up saying that, tragically, her husband had died. In a drawer, she had found some life insurance documents so she was calling up to make a claim.
The claims assessor was empathetic, and he set about looking up her details. But he couldn’t find the policy anywhere on the system. Then he asked the caller to double check the document she was looking at. It turns out that it wasn’t a life insurance policy, but just a quote. Her late husband had put in the effort to research life insurance, received a quote, but never actually went through with buying it. She was left empty-handed.
In contrast, listen to the story of Aiveen, who bought an iptiQ life insurance policy through one of our partners: “my husband died suddenly at a very early age. Fortunately, he had the foresight to take out life insurance, which allowed me to provide for our children. As a result, the high cost of schools and colleges were still manageable. His life insurance gave us peace of mind and allowed us to look forward to things like family holidays. My children wouldn’t be who they are today if my husband hadn’t looked after us.” You can hear more about Aiveen’s story here
These are just two individual stories. But they reflect quite worrying statistics. A high proportion of visitors who receive a quote online do not follow through in buying a policy. Many of them may revisit the idea to buy a policy at some later stage, but it still leaves us with a worrying protection gap while they think about it.
As we often say: life insurance can’t remove the pain of losing a loved one, but it can help manage financially during such a difficult time. This is why I believe in what I do, and am proud that my job contributes to making peoples’ lives – and society as whole – more resilient.
This is a message we need to share with everyone – indeed, sometimes I think we are a little too sheepish about what we offer. We should take pride in the value of life insurance as a source of stability in the face of unexpected life events and be confident in the way that we present it to customers.
That’s why we’ve decided to trial a new approach in the messaging we send to customers who have received a quote. In the follow-up emails, we’re testing out a variety of different messages, from very neutral to quite hard-hitting. Our first one simply states clearly that, “A quote doesn’t mean you are covered.”
Our hope is that it will lead to more people taking out life insurance protection for their loved ones. If you’d like to find out more about iptiQ or ways that you can help close the protection gap by becoming a partner, please do get in touch.