Christmas and New Year considerations
Lisa Martin is development director at TMA
Christmas – and the New Year is fast approaching. The lead-up to the holiday season presents a fantastic opportunity to chat with clients, to wish them good tidings for the upcoming festivities – and also to check that their protection provisions cover their eagerly-awaited gifts.
The festive period involves an influx of family, friends, and presents into the home. It’s also a peak time where valuables are prominently displayed in one place, under the sparkling, bright Christmas tree, often in full view of passers-by.
While it’s not the most festive of topics, brokers should nevertheless be discussing the insurance requirements of their clients with them, especially around Christmas and the New Year. It could be that clients plan to give their relatives a brand-new top of the range TV or computer, an expensive item of jewellery, or even a new car.
The Deloitte Christmas Survey 2018 predicts that UK consumers intend to spend an average of £567 each this Christmas, and that the majority of spending will be dedicated to gifts. More than half of the UK consumer Christmas budget will be spent on gifts, compared to 43% in Europe, the study suggested. In light of this, clients could be left with insurance provisions that will not stretch to cover their new gifts and the new contents value in their property.
Advisers should be regularly checking that the value of the client’s contents does not exceed the limit of the current insurance plan. People’s possessions can change frequently throughout the year, peaking at Christmas and advisers should use this opportunity to review and update clients’ cover.
A sad truth
Sadly, it is also the case that burglaries dramatically increase during December in the lead up to Christmas. Living rooms in December fast become a shopping window for burglars and figures from UK Crime in December 2016 indicated that home break-ins rose by 20% during the festive period. A result of darker nights and easily accessible valuables means that December is a very busy month for burglars.
Christmas should be a time to enjoy, relax and to celebrate. By speaking with clients, advisers can put their minds at rest and ensure that they have the best provisions for their property and the valuables within it. Advisers can be a source of comfort and instil confidence that everything is taken care of.
These conversations also have the potential to spark other cover considerations and new business opportunities – for example it may be that the client plans to move to a new house or extend their property in the next 12 months.
Equally for many at this time of year it is an opportunity for celebration and coming together and thinking about New Years’ resolutions.
This is a great time for intermediaries to conduct client catch-ups and planning appointments in preparation for 2019, looking at income, life, family or home cover.
At TMA we are really excited about the opportunities for the next 12 months and beyond, and we look forward to continuing to support you, your clients and your business into 2019.