Seven myths about protection that we need to get over 24 September 2015.
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Transcript of Seven myths about protection that we need to get over 24 September 2015.
![Page 1: Seven myths about protection that we need to get over 24 September 2015.](https://reader036.fdocuments.in/reader036/viewer/2022081515/5697bf861a28abf838c87dd8/html5/thumbnails/1.jpg)
Seven myths about protection that we need to get over
24 September 2015
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Last time…
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This time…
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A follow-on from my last two presentations here
- As usual, a little bit of overlap and a few familiar themes (things haven’t changed much since May 2013)
- But more new than old
- And not all about D2C this time
- A small prize for the first to name all seven dwarfs in order of appearance
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Myth 1: Protection is sold and not bought.
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If you think this looks familiar, you’re right
PISANB
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This is actually largely true, but not in the way that we usually mean it:
-```Protection is indeed mostly sold and not bought...
- ...but only because we insist on making it so difficult to buy...
- ...and giving consumers so little encouragement to buy it
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Myth 2: You can’t get people
engaged with protection
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The truth: all consumer markets look like this A
lot
A bit
Not at all
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The usual sales and marketing issues
1. Which segment/s to target
2. How to target within your chosen segment/s
(The lower you go down the pyramid, the harder you have to try)
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Myth 3: Trouble is, the benefits of
protection are so deferred
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We (or a segment of us) get pleasure in the present from having planned for the future
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Myth 4. There is a “right” amount of
protection for everyone.
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Sorry, but there just isn’t
- Well, maybe for CI and Income Replacement
- Absolutely not for life cover (beyond mortgage protection)
- It’s just sales tactics...
- ...and huge figures put a lot of people off
- “The great is the enemy of the good”
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Myth 5: Needs are more
important than wants
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Which means…
- Maybe with (some) medical treatments
- Otherwise hardly ever (and very, very rarely in financial services)
- Consumers’ choices reflect their attitudes and personalities
- Believing anything else will leave you pushing a lot of water up a very steep hill
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6. Protectio is fundamentally
different from other products and
services
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“No it isn’t”
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It’s another product or service competing for its slice of consumers’ disposable incomes
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Myth 7: Collective marketing
campaigns are better than
individual ones
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Two of the very best and most admirable people in protection
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Two of the very best and most admirable people in protection
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If they can’t get a generic campaign to make a real impact, no-one can
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My conclusion and message to the industry (same as usual):
• Stop sitting around grumbling about how difficult it all is
• One way or another, with one product or another, through one channel or another...
• ...get out there, convince people of the benefits that protection offers, and sell some stuff
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The Seven• Sleepy
• Dopey
• Bashful
• Doc
• Grumpy
• Happy
• Sneezy