Partnering with a broker or provider is a way of connecting your customers to life insurance advice and cover – and fostering their financial wellbeing. But can it drive revenue for your business? This post explains.
Many people who need life insurance don’t have cover in place. It’s a tough topic to think about and a complicated product to buy. Even if people are aware they should have a plan in place in case they die, they often don’t know where to start. Or they enter a buying journey that’s complicated, time-consuming and full of jargon – so it’s no surprise that they put it off.
Being unprotected in this way means living with significant financial risks if something happens to you – especially if you have financial commitments and other people relying on you for their financial security. Some of your customer base are bound to be in this position.
But providing customers with an opportunity to protect themselves and their families financially brings many valuable benefits – for you and them. It’s a sure-fire way to create an additional revenue stream from your existing customer base, especially if the solution you connect them to is simple, convenient and smart. Here’s why.
Life insurance is a considered and high-value purchase
Unlike other types of insurance, which people interact with on a yearly basis, life insurance is usually only bought once, twice or a few times in your life. This naturally means people are less familiar with it and makes it feel like a bigger decision.
Lots of factors go into choosing the right level of cover for the right amount of time, and making sure you can afford the cover you buy over the life of your policy. After all, there’s no point buying a ‘cheap’ policy if it doesn’t provide sufficient cover, and wouldn’t meet the financial needs your family would have if you died.
Most people need help weighing all of this up and making an informed decision, which is exactly why Anorak exists. As an independent online broker, we take people from knowing little to nothing about life insurance to having the right cover in place for their needs – providing expert advice along the way. By connecting your customers to this kind of service, you’ll benefit from the considered, high-value purchase they go on to make.
Robust conversion and predictable revenue
Our educational, whole-market journey empowers people to make informed decisions about how best to protect their families – and the opportunity to speak to an adviser to review their needs helps them across the finish line. Ticking life insurance off their to-do list and finally giving them confidence that their family will be looked after if the unexpected happens. This hybrid model is proven to be an extremely efficient way to buy and sell life insurance.
In the four years we’ve been building our online-to-offline life insurance journey, we’ve optimised our end-to-end conversation metrics significantly. This means we’re able to provide partners with predictable revenue targets, based on the number of leads they’ll send to Anorak.
Got questions about selling life insurance or partnering with Anorak?
It doesn’t have to be one-off revenue
As life changes, so does a person’s life insurance needs. Once life insurance cover is in place, we recommend revisiting it periodically to make sure it still meets your needs. Essentially: to ensure you haven’t become under- or over-protected as your circumstances have changed.
This is why we see ourselves as a life insurance companion. We don’t aim at having transactional relationships with partners and their customers – but rather to be the go-to place for making sure people have the right protection in place throughout their lives. This creates additional commission opportunities in the future, as customers might need to take out new policies to meet their needs.
And it can spark other revenue-driving conversations
Once someone engages with the topic of life insurance, it often opens them up to considering their wider personal financial landscape, including other liabilities, vulnerabilities, and opportunities. An obvious one that goes hand-in-hand with life insurance is conversations around trusts and tax-saving.
And while a life insurance buying journey prompts people to think about the worst case scenario (what would happen if they weren’t here anymore) – it can also prompt them to think about what they want to happen while they’re still here. Wanting to improve their savings and investment strategies, for example. This change in mindset could translate directly into further revenue streams for your business.
Do the right thing for your customers (and your brand)
In helping your customers achieve greater financial awareness and lifelong protection, you’re making your brand inherently more valuable to them. Connecting them to a regulated, 5-star rated life insurance advice service can’t help but reflect well on your business – and reputation is value.