Don’t wait for your customer to refinance to talk protection – Scrivens

If you chose the last answer, you’re far from alone. In fact, in the Association of Mortgage Intermediaries’ (AMI’s) recent Protection Viewpoint, 85% of respondents said this was the trigger.

Refinancing is, of course, a natural point to revisit protection. But the research shows that far fewer advisers review cover when customers experience major life events.

The AMI’s data shows that just 49% do so when their client has a baby. Even fewer review their customers’ protection when they get married (36%) or get a pay rise (19%).

I know what you’re thinking: you can’t realistically know every development in your customers’ personal and professional lives.

However, there are things you can do to encourage them to pick up the phone when their circumstances change.

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So, how do you do that?

Be upfront about your intentions

It’s important to make clear in the very first meeting that you want to build a long-term relationship with them.

Rather than presenting yourself purely as the person who gets the mortgage over the line, position the relationship as one that extends well beyond completion day. Customers should leave that first appointment understanding that you’re there for the long haul.

This is also the moment to plant the seed. Ask them to keep you informed if they get married, divorced, start a new job, have a baby or receive a promotion.

When framed as part of your responsibility to keep their protection aligned with their circumstances, the request feels entirely natural.

Know your customer base

Building long-term relationships with new customers is important – but what about existing ones?

This is where segmentation becomes so valuable. Look at what data you capture and how that can be used to create bespoke marketing collateral and communications for certain profiles.

For example, you might isolate young couples in your database and issue targeted communications about the importance of reviewing their cover once they have a child.

Or, if you know a customer started a new job two years ago, a simple nudge to review their income protection could be enough to open the door to a wider conversation.

By using the data you already have, you can tailor communications far more effectively, rather than relying on generic mailshots that aren’t relevant to large parts of your client bank.

Be visible on social media

Despite the reach and growing relevance of social media, the AMI’s research found that more than half (51%) of advisers don’t use these platforms.

That’s a missed opportunity. Consumers increasingly consume financial information and interact with businesses through channels such as Instagram, YouTube and TikTok.

You don’t need viral content. You simply need to be present and offer useful, relevant material that speaks directly to your customers without intruding too much into their daily lives.

Post-transaction nurturing

Protection advice shouldn’t end with a sale. An annual check-in or a simple ‘happy birthday’ message can be enough to prompt a wider conversation about protection. Combine this with targeted education and you can stay relevant throughout the year.

Moving from reactive to proactive protection advice requires a shift in mindset and process. But advisers who get it right will build stronger, longer-lasting relationships, deliver better outcomes and create a more resilient and profitable business in the process.