Ageas Protect is the first protection provider in the industry to introduce ‘product labelling’. This innovative approach introduces clear consumer signposting onto its pre-sale marketing material, beginning with its Key Facts documents.
The pioneering concept has been developed using the well regarded food labelling concept, which allows consumers to choose between products and keep a check on the amount of foods high in fat, salt, saturates and added sugars that they’re eating.
Ageas Protect is introducing this brand new protection concept into its Key Facts Documents of its menu-based ‘Your Life Plan’ products which feature the provider’s 5 Star Defaqto rated Critical Illness and Income Protection covers, and the ‘Real Life Cover’ product. If the initial launch is successful the initiative is likely to be extended and used across all consumer-facing material.
Ageas Protect’s product labelling takes into account the major needs that consumers have to consider including death, terminal illness, specified critical illness, long term sickness, total & permanent disability, and unemployment.
Andy Milburn, Head of Marketing at Ageas Protect, comments: “As a nation we’ve seen how well food labelling works. Ageas Protect has now applied the same thinking to protection products. We can use this clear and simple approach to help show consumers the potential needs that they may not have mitigated as a result of their initial purchase, as well as identifying the most urgent needs that are covered within their policy.”
Martin Werth, Managing Director at Ageas Protect added: “The protection gap is becoming a dull factor to quote, but it is still getting bigger due to the tough economic climate and negative industry issues. When consumers are aware of the need to take out protection cover, they tend to use the internet to find what they want and often the only product they know about is level term cover. We believe product labelling helps to address this issue and should be used more widely. We have tested this concept with a number of advisers who all believed the initiative to be an extremely positive one.”
Ageas Protect is calling for the entire protection industry to be more proactive and remind existing customers about the cover they have. Product labelling will be introduced on Ageas Protect Key Facts Documents in November. The documents will be available to download from the adviser page of www.ageasprotect.co.uk.
Source : Ageas
