Matthew Chapman: Why talking about rewards and benefits with clients also helps me

By 11th October 2021Blog

We asked Matthew Chapman, Commercial Director and Senior Protection Adviser for Plus Protect, to tell us how he benefits from having conversations with clients about additional rewards and benefits.

What are the benefits of talking about additional rewards and benefits?

“As an adviser, I think there are a couple of really interesting things about Vitality that curve the trend and makes it stand out. From an advice point of view, it helps me to deliver immediate value through something that actually has very little immediate value in the client’s eyes. Most people take out insurance assuming that they are never going to actually need to claim. We all probably suffer a little bit from ‘optimism bias’; we think it’s not going to happen to us. An insurance contract is often more of a box-ticking exercise for people. Sometimes it’s hard to provide value around that and convince the client of the need to take out the contract; so if you’ve got a product that is less – in the client’s eyes – of a ‘waste of money’, you’re offering a plan that delivers immediate, actual, tangible value to them. Whether this is in the form of rewards or incentives and benefits, or whether it’s helping the client achieve and maintain lifestyle goals – it makes my job as an adviser that much easier.”

How do you ensure your client gets the most value out of their plan?

I’ve been signposting to advisers the need to do annual reviews with clients for as long as I can remember. Normally, advisers who are selling protection alongside mortgages might not get in touch until it comes back around for the mortgage to be renewed. The nice thing about Vitality is that it offers the perfect example to check in with the client on a regular basis to see how they are engaging with the Vitality Programme. Are they getting maximum value out of it? Are they utilising those rewards, benefits and incentives? Are they making the most of the plan? And that might not be in a fiscal sense; it might be just making sure they Optimise what they do. Are they achieving the different Vitality statuses (Silver, Gold and Platinum)? Are they utilising the various health checks they are able to through the plan? It’s also about helping the client understand how those early interventions measures can benefit them – and how Vitality can act as a tool for their health and wellbeing as well.”

Why does this benefit you as an adviser?

“The fact you have an excuse to be in regular contact with your client really supports the longevity of the plan. By having that regular touchpoint with the client, you are keeping them engaged – and offering them extra tools and resources – also with the aim of potentially keeping the premiums lower. This helps us from an adviser point of view to keep the client on the books. And if you’ve got a client that is using a plan and they are getting immediate tangible value from it, they are much less likely to cancel it or look elsewhere.”

Watch the Agents of Change video series to find out how financial advisers are helping their clients make positive lifestyle choices.