Protection needs to be about the 'experience'

clock

These days when we buy a product, unless it is a fast moving consumer good like a Mars Bar or a bottle of shampoo, we are often buying an experience as well as something that provides a practical benefit.

So when you purchase an airline ticket - the product is the transportation that gets you from A to B. The experience surrounding the product is the convenience (or not) of booking and checking in, the queues for security at the airport, and the onboard service. The product you are buying when you go to the cinema is the film you want to see - but again the experience begins when you try to book tickets online, how long you have to queue to get in and how comfy the seats are. Buying a protection product is also as much about customer experience as about receiving a piece of paper promisi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Cognitive biases in advice and the psychology of insurance

Cognitive biases in advice and the psychology of insurance

A look into client decision making and its effects on protection uptake

Jaskeet Briah
clock 25 April 2024 • 5 min read
Aviva completes £460m acquisition of AIG Life after CMA delay

Aviva completes £460m acquisition of AIG Life after CMA delay

'It's disappointing to lose another protection insurer from the market'

Cameron Roberts
clock 10 April 2024 • 2 min read
Is price really still king? Why the protection market needs to evolve

Is price really still king? Why the protection market needs to evolve

Data and process improvement will be 'battlegrounds of tomorrow'

Paul Yates
clock 18 March 2024 • 3 min read