Advice, not product point of difference
Insurance advisers’ point of difference should be the advice they give, not the products they deal in, says Pinnacle Life director Ed Saul.
Tuesday, July 9th 2013, 7:40AM 5 Comments
by Susan Edmunds
His company has just announced that it will offer special events benefits on its online life products, so that people can increase their cover with no questions asked if they marry, divorce, take out an increased mortgage, or become a parent.
Policyholders can have three special event increases, and no more than one per year. Increases must not exceed 50% of the cover that was initially taken out.
Special events benefits had already been available on adviser-dealt policies but Saul said Pinnacle had only recently found a way to keep the wording simple enough to include them in online policies as well.
“We try to keep the online products as simplified as possible.”
He said advisers should not feel they were losing their point of difference. “They offer advice and a lot of people still need that advice. Advisers’ point of difference is the advice they offer. I don’t think they should be trying to gain an advantage through product.”
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Comments from our readers
And gaining an advantage through product as a point of difference? Patronizing much? Bless you dear boy, thanks for your concern over my feelings. One who has not the products would obviously prefer not to have the focus on product though: how about Pinnacle's cancer cover vs proper trauma cover from any major player for around the same price?
How about income policies?
Yes, advice is a great point of difference; in fact I regularly advise on the difference between a Pinnacle policy and others.
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