I don't think I'll ever get over the sight of Richard Walsh, head of health and protection at the Association of British Insurers, dressed up as Sid Vicious and singing ‘My Way'.
This rather unusual event occurred at Lifesearch’s charity party on Thursday, which saw a whole host of protection providers doing karaoke, gambling and presenting a (thankfully) simplified version of 'Deal or No Deal'.
Although Walsh’s singing and dress sense might not be everyone’s cup of tea, maybe the industry could do with this sort of publicity to raise people’s awareness of the importance of protection.
Research from Bright Grey this week revealed just 4% of people regard their income as the most important thing to insure and only 2% believe critical illness cover is the most important type of insurance.
As someone who joined the industry just over a year ago, I don’t find this kind of research at all surprising as I’d never even heard of income protection (IP) before I became a journalist.
So maybe we need some providers to put the message out there more effectively, rather than just issuing results of research, in a way which sticks in people’s minds.
Halifax, for example, has managed to make bank accounts quite appealing with adverts featuring staff singing about its products.
Walsh could even adapt his rendition of ‘My Way’ along the following lines:
“Regrets, I’ve had a few. But at least I protected my income. I did what I had to do and as a result I got paid some. I planned my protection needs, each careful step along the byway. And more, much more than this, I did it myyy wayyyy.”
Hmm, maybe not that exactly but it could be worth a shot!
It’s clear something needs to be done when faced with statistics which reveal people are more likely to have central heating breakdown cover than IP.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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