By Kevin Carr and Suzanne Clarkson.
To add value, or not to add value; that is the question.
We all like the idea of getting more for our money – and in the protection sector, added value benefits such as GP services, second opinions, rehab and counselling afford this opportunity.
For clients, they add something tangible to something that is otherwise very intangible (unless you’re making a claim of course). For the insurer, they help with long-term risk mitigation, cost control and retention.
On a societal level, they speak to the government’s preventative healthcare agenda too. It all sounds spot on.
But are advisers talking about them enough and are policyholders using them enough?
Take the group risk industry for example. Nearly 13m employees in the UK have some form of financial protection in the shape of life, critical illness (CI) or income protection (IP).
And, in total last year, there were 75,466 interactions with the additional help and support services that were all funded by group risk insurers.
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