A case study from Punter Southall Aspire's health and protection business
In a previous post, I made the case for biting the bullet. To be pro-active and plan ahead, despite human nature often thwarting a number of us from doing just what needs to be done when it needs to be done.
Even when the benefits of timely action can be demonstrated, by no means everyone jumps on board.
So, I wanted to make the case for just how much there is to be gained by striking out in a new direction promptly, like one of our latest clients - in particular, health and protection cover for your business.
It’s tempting to see corporate employee benefits consulting as a catch-all, but health and protection consulting by itself is a specialised field, albeit a sub-set of employee benefits advice.
And in our case, this means combining our experience and relationships in service of not only the commercial but HR objectives of companies coming to us for help.
The first difference this client noted was rather than our desire to sell products, our objective was to understand more closely what they actually needed by dint of conversation ahead of any transaction.
So, when the time did come to decide on the type and choice of cover, we had a mutually clear view of the best fit.
And it was at this point that we were able to demonstrate the advantages of taking a “boutique” approach. A vital part of our role is to act as a link between the insurance market and clients.
In particular, we achieve competitive premiums because our appreciation of what’s needed and been agreed is clearly laid out for the provider underwriting the policy. By stripping out ambiguity and increasing focus on the key elements, we find value where it might not always be apparent to other practitioners because of our knowledge, especially in this sector of the insurance market.
And in terms of income protection for the staff, that added up to a saving of £100,000 on what they previously paid.
This is the first stage in a review, recommend and deliver strategy. As we move forward, we anticipate being able to deliver even better value across a health and protection strategy built to suit this organisation’s particular requirements.