PMS Mortgage Club and Sesame Network’s new protection initiative, Rewire Routines, has gone live with the support of over 600 advisers who have signed-up to the campaign charter following its launch.
The Rewire Routines campaign runs for 21 days, from 4 June to 24 June. Advisers are being challenged to make protection a central part of their client conversations, which includes providing a protection and general insurance quote to every mortgage customer during the campaign period, with the aim of reducing the UK’s protection gap.
Advisers signing-up to the campaign receive access to a range of protection support materials. For every adviser who signs-up, a donation will also be made to the British Heart Foundation by PMS and Sesame. This is being matched by a number of protection providers and aims to raise over £10,000 for the charity.
Mark Cracknell, head of protection distribution at Aviva, said: “Aviva is delighted to be supporting the rewire routines campaign.
“This is a fantastic opportunity to highlight the importance of protection, and through driving awareness with advisers and customers we can ensure that more families in the UK are protected.”
Advisers signing-up to the campaign receive access to a support hub. This includes: a marketing support pack with customer-facing literature, including access to personalised branded mortgage interview guides and protection disclaimers. There’s also videos and social media content to help advisers have more effective protection conversations with clients.
There are adviser drop-in clinics with protection and general insurance providers to help resolve any recurring issues, along with tips on how to write protection business more efficiently.
Mike Farrell, protection sales director at LV=, said: “At LV= we believe the need for a safety net to protect against financial shocks is vital and that everyone should have access to quality financial protection.
“Income protection can give your clients peace of mind that they’d be protected if they were unable to work due to an accident or illness – yet very few people have protection in place.
“That’s why we’re delighted to support the rewire routines initiative; to encourage advisers to add protection to every conversation and ensure as many people as possible are protected against personal financial shocks.”
Furthermore the campaign includes guidance on the importance of creating good habits and how to go about doing this, and tips on how to incorporate protection and general insurance into customer conversations and the advice process.
There’s also webinars hosted by leading product providers, to support advisers through the 21 day initiative with tips and training techniques to help top-up knowledge gaps.
Toby Bainbridge, head of protection solutions at Royal London, said: “Anything that challenges advisers to discuss protection with their clients is a good thing.
“PMS and Sesame’s Rewire Routines campaign sets a sensible challenge and it’s great to see the UKs largest distributor throw their weight behind the need for a protection conversation with clients.
“There are still far too many UK families sitting with a mortgage and no back-up plan should they hit a bump in the road.
“According to the money charity 35% of UK households have no savings, while another 11% have less than £1,500 in savings. Of those who do have savings 68% have less then £10,000 put aside. Add a raft of welfare reforms to that and it’s clear that the need for protection continues to grow.”
Peter Hamilton, head of market management at Zurich, said: “We’re fully behind the rewire routines campaign. The more conversations advisers can have on protection related issues, the better, and anything that provides more support for them to do that has to be a good thing.
“There are plenty of public misconceptions out there, such as cover being expensive with research suggesting that consumers overestimate the cost of cover by as much as three times.
“This comes at a time when insurers’ claims pay-out rates are increasing and State benefits are being continually eroded.
“That is why there has never been a more important time for our industry to highlight the need, and tell the very real stories about how financial protection can make such a difference.”