Several insurers make services available to customers and their families at any time, even if there is no reason to claim. This gives a tangible ongoing benefit to all customers, not just those who are unfortunate enough to have cause to make a claim.
Indeed, in some cases the use of value-added services at an early stage may prevent or reduce the severity of a claim.
Leveraging the value
There is no doubt that the protection industry has an excellent range of value-added services, so it is really important that customers know about them and importantly how to access them.
Research from Pacific Life Re shows that good communication it is not always the case; only 18 per cent said they were definitely aware of value-added services included in their policy and more than 50 per cent were unaware or unsure.
Even when customers are aware, it is not always easy for customers to access the services. We regularly hear of complex journeys to access a service they are entitled to use – remember that customers recognising a need for services are likely to be going through a very difficult, often vulnerable stage in their lives and many just give up.
Add into the mix that many insurers are now offering a range of value-added services covering a wide range of needs, this (despite being great news) can make things complicated and confusing for customers.
While technology has an obvious place – particularly to improve ease of access – it is important that when several services are available that they are presented and connected together, even if they are provided by different suppliers.
As the Financial Conduct Authority's customer duty obligations are designed to improve how customers are supported, it makes sense to review the whole customer proposition, harnessing value-added services to improve outcomes for customers and their families.
Assessing relevance and quality
With such a wide range of services available, it is important for insurers and advisers to articulate the circumstances that each service is relevant for. For instance, access to a GP 24/7 is extremely helpful for a parent worried about a child with a fever, whereas long-term dedicated nurse support is much more suitable for somebody going through cancer treatment.
It is also very important to assess the quality and adequateness of services. It is important that insurers look at what will actually be provided to their customers.
For example, a mental health support service may range from a helpline only with no structured therapy at all, or a small number of therapy sessions (less than recommended by NICE), to comprehensive mental health professional support with an appropriate number of structured therapy sessions.
