Paradigm Protect CPD Event Alan Waddington & Dean Hughes 20 - - PowerPoint PPT Presentation
Paradigm Protect CPD Event Alan Waddington & Dean Hughes 20 June 2018 1 ONE OF THE FIRST TO SELL OUR PRODUCTS Were delighted that some Paradigm Protect firms will be amongst the first to join our pilot, and the first to sell our
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Paradigm Protect CPD Event Alan Waddington & Dean Hughes
20 June 2018
ONE OF THE FIRST TO SELL OUR PRODUCTS
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We’re delighted that some Paradigm Protect firms will be amongst the first to join our pilot, and the first to sell
OUR BRAND
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Guardian is a famous name in financial services with a long history dating back to 1821. We’re bringing this 197-year-old insurance brand back to life. We’re re-entering the market with a new look for a new era – one that reflects our intention to continuously rethink and reinvent protection for the better.
OUR BRAND PROMISE
Our promise to customers Our customers' lives will be made better for knowing that they, and their dependants, have cover specially designed to never let them down. Our promise to advisers And advisers' lives will be made better for knowing that working with us will be effortless, and that our policies will help them give the very best advice.
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OUR AMBITION
We can only achieve our ambition if protection is sold with advice. That’s why, for us, Financial Advisers are not just another distribution channel. They’re the only channel.
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OUR PROPOSITION
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THE PROPOSITION
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Products. Better by definition.
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Forward- thinking underwriting .
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Liberating technology.
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Fairness. Redefined.
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More meaningful customer care.
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Life Protection Critical Illness Protection Income Protection
Level Increasing Decreasing Family Income Level Increasing Decreasing Family Income (coming soon) Level - full Increasing - full Level - short Increasing - short
3 core products, 5 ways we’re making life better
Ambiguous policy wording protects the insurer. Our crystal clear policy wording protects the customer.
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Many providers define the quality of their critical illness policies by the number of illnesses they cover. This results in these providers adding illnesses that pose very little risk to customers. At Guardian, we know your clients need cover for a wide range of illnesses. But we also know the most important thing is the quality of that cover. So we're obsessed with providing the best possible cover for the most common illnesses.
The typical way The Guardian way
ILLNESSES COVERED
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Our focus on quality isn’t at the cost of quantity. We cover 74 illnesses as standard (including 21 additional payout conditions).
The typical way The Guardian way
Most providers don’t pay out on all malignant skin
critical? We think so. A Guardian policy pays out all on malignant skin cancers – no ifs, no buts.
CANCER
Providers request detailed medical reports and evidence so they can assess whether a heart attack diagnosis is serious enough to meet their own criteria for payment. At Guardian, the word of a UK Consultant is all we need. If they say your client has had a heart attack, we pay
Well, they are the experts after all.
HEART ATTACK
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Terminal illness cover only pays out if, in a doctor’s
live. However, it can be hard for doctors to predict the survival time of patients with certain terminal illnesses, even in the late stages. At Guardian, we pay out if a policyholder is not expected to survive for 12 months. But, uniquely, we also guarantee to pay out if they’re diagnosed with stage 4 cancer, motor neurone disease, CJD, or Parkinson-plus syndromes even if they’re expected to survive more than 12 months.
TERMINAL ILLNESS
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Customers often have a growing need for protection. So, we underwrite with the future in mind.
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FORWARD-THINKING UNDERWRITING.
The typical way The Guardian way
If in the future a client wants to increase or add a different type of cover to their policy, a new application form needs to be completed and they need to be underwritten all over again. What’s more, the rate applied to any additional cover will be higher because they’re older. We have a single question set underwriting philosophy and that gives you the power to increase or add new cover on the same terms as the initial cover for up to 27 months, subject to a few simple questions, regardless of what cover your clients bought. The amount depends on eligibility and how much cover was
£250,000 for Life Protection and £100,000 for Critical Illness Protection so long as the total cover doesn’t go
We call it Reserved Cover and it’s specifically designed to help you continue the protection conversation and make increasing your clients’ cover effortless. Reserved Cover will be available from summer 2018.
ADDING AND INCREASING COVER
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The answer to your underwriting questions.
Underwriting Qi is a tool that gives you a quick indication of the terms, medical evidence requirements and exclusions for a client with an existing condition.
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Introducing
Our platform sets you free to make protection truly personal.
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Introducing
The power to make protection truly personal.
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Our technology allows us to separate critical illness cover from life cover. That means they can make a critical illness claim without compromising the value of their life cover. We apply a multi-cover discount to make sure the overall cost of the combined benefits remains competitive.
ACCELERATED CI
LIBERATING TECHNOLOGY.
The typical way The Guardian way
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To benefit from the discounts offered with a joint policy, couples must take out the same amount of cover
The person who’s left now has no cover and may be
due to age. Our technology allows you to offer your clients a dual life policy, which means each person will have their
together, we give them a multi-life discount. And because both of them have their own cover, if one claims the other will still be protected. So there could be 2 payouts.
JOINT LIFE
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When quoting for accelerated CI, no extra life cover is recommended. This means people who need to make a critical illness claim can be left without life cover, when arguably they may now have a greater need for it.
LIBERATING TECHNOLOGY.
The typical way The Guardian way
Many providers automatically include children’s critical illness cover as part of the policy. The amount covered is usually limited to £25,000 or a maximum of 25% of the policy. Everyone pays for it in the premium, whether they have children or not, and typically you can only have it with adult critical illness cover. At Guardian, we believe you should be able to flex this cover for your clients, switching on or off, choosing the amount and attaching it to any adult
who have children, but premiums are kept to a minimum for those who don’t. This is possible with our technology. Children’s Critical Illness Protection can be added to any parent’s life or critical illness policy. You can choose any amount between £10,000 and £100,000, to a maximum of the parent’s sum assured. What’s more, it can be added to a policy at any time in the future, so a client’s cover can grow as their family grows. And it can be removed anytime too.
CHILDREN’S CRITICAL ILLNESS
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LIBERATING TECHNOLOGY.
The typical way The Guardian way
To make sure claim payouts are outside an individual’s estate for inheritance tax calculations and don’t get held up by the probate process, most providers recommend policies are written in trust. For many people, the process of completing a trust and choosing trustees can seem daunting and complex. The result is that very few policies in the UK are placed in trust. At Guardian, we have another option. Your clients can nominate up to 9 beneficiaries with one simple question as part of the application process. We call this functionality Payout Planner. Payout Planner means payouts won’t be held up waiting for probate to be granted, and the people your clients wanted to get the payout get it quickly. Not only that, clients can change the beneficiaries at any time by contacting us. It’s ideal for people with less complex inheritance tax needs who are not planning to set up a trust.
POLICIES IN TRUST
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LIBERATING TECHNOLOGY.
The typical way The Guardian way
Providers only offer you the choice of receiving your commission all indemnity or all non-indemnity. This restricts you from being able to cover your upfront costs as well as building an ongoing income. We’ve got a fully flexible approach to commission. You can choose on a case-by-case basis if you’d like to mix and match indemnity and non-indemnity commission, and you can choose which percentage for each you’d like to get. Protection Builder lets you quickly update your commission preferences during the application – you can also sacrifice some or all of your commission.
COMMISSION PAYMENTS
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Often the industry’s sense of fairness isn’t that fair
balance.
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The typical way The Guardian way
RE-PRICING
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Most providers work out decreasing mortgage cover premiums using an artificially high mortgage interest rate. This means your clients pay more to make sure any payout always exceeds the outstanding mortgage amount. At Guardian, we calculate premiums using a realistic long-term interest rate, which reduces the cost. And if any payout falls short of the outstanding mortgage, we guarantee to pay the difference at no extra cost, as long as the mortgage isn’t in arrears when the claim’s made.
DECREASING MORTGAGE COVER
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Most providers offer waiver of premium as an optional extra. However, some people with poor health or lifestyles can be denied the option, depriving them of this valuable benefit. At Guardian, Premium Waiver comes as standard. So, if we offer someone cover, they automatically get waiver. And we not only waive premiums if they’re too ill to work, we also waive them for 6 months after they have a baby or if they lose their job.
WAIVER OF PREMIUM
The typical way The Guardian way
When providers make improvements to the quality
available to new customers. That’s hardly putting your existing customers first! We believe existing customers should be treated as well as new ones. If our critical illness definitions improve, in most cases we’ll apply the improvements to existing customers’ policies completely free. If they have to make a claim, we check it against both the definitions they bought and the definitions for new customers. And we pay out if the claim is valid under either. Occasionally, we may introduce changes that we won’t automatically upgrade. If this happens, we’ll offer existing customers the chance to pay to add them.
COVER UPGRADES
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Life doesn’t always go to plan. So we do more to help with the ups and downs.
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MORE MEANINGFUL CUSTOMER CARE.
The typical way The Guardian way
When a client makes a claim, most providers offer a set list of services to help them recover from illness and to support their family. However, take-up of these services is usually low. Why? Because the services aren’t always relevant to every individual client’s needs. For example, a second medical opinion is only of value if you need a second medical opinion. For most of us,
At Guardian, we don’t have a set list of additional services at point of claim. Our approach is much more personal. Our Claims Team listen to a claimant’s concerns, identify the exact help they need and make it happen. Our Claims Team have discretion to pay for or contribute to the cost of any exceptional help needed. The service is called HALO, and no other claims service does more when it matters most.
CLAIMS SUPPORT SERVICE
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SUMMARY
Definitions Crystal clear and fairer to the customer Questions A single, responsive question set that covers all products Reserved Cover Add new cover and increase existing cover within 27 months Available summer 2018 Claims Tailored claims support service – HALO Underwriting Immediate answers to your questions from Qi Full product suite Life Protection Critical illness Protection Income Protection (coming soon) Flexible add-ons Children’s CI Protection Fracture Plus Protection Platform Protection Builder gives you more power, flexibility, and visibility
Exclusively for advisers
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Thank you
Guardian Financial Services Limited is an appointed representative of Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Registered office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. Registration number 110002. Guardian Financial Services Limited is registered in England and Wales under number 11115769. Registered office: 11 Strand, London WC2N 5HR.