Just before Income Protection Awareness Week (IPAW) last month, The Exeter’s Shaun Ware wrote of the event’s “difficult third album”.
In many ways, there wasn’t much difficult about it at all. Our objectives were clear and included reaching advisers who hadn’t attended an IPAW event before and who weren’t aware of the Income Protection Taskforce (IPTF), as well as to provide informative content on the need for income protection.
The challenge came in achieving this after a particularly successful event in 2022. Of course, IPAW 2022 was not without its own challenges, with the death of Queen Elizabeth II prompting it to be rescheduled and the technical difficulties faced on day one when our broadcast platform collapsed under the demand from attendees. So, this year had to be easier, right?
The number of advisers we reached increased threefold and over 1000 were completely new to IPTF
The first challenge was how to produce something distinct from the first two IPAW events and yet as relevant for the audience. Traditionally, IPAW has included themed days aimed at advisers with a particular speciality, giving rise to “Mortgage Tuesday” and “Wealth Wednesday”.
While this focus meant we could tailor content very specifically, it also gave advisers who didn’t fit the particular profile we were aiming at a reason not to tune in. So, this year, the aim was something for everyone every day, regardless of speciality and experience.
The theme for the week was the adviser journey, with each day considering a different aspect of the adviser role.
The interest we saw when guest advisers discussed tools or techniques they use to make their processes more efficient was noticeable
IPAW has always been about advisers talking to advisers and shared experiences, and this year was no different, although we also included subject matter experts where extra knowledge was needed.
The sessions across the week covered getting started as an adviser, finding business and establishing a presence online, preparing for successful client meetings and considering the needs of different types of clients, overcoming objections, navigating the underwriting process, managing expectations and, finally, adding value for clients once they are on risk.
The impact of IPAW is more nuanced than knowing whether more advisers – and more that were previously unknown to us – attended. Reach and attendance are key metrics, but engagement is just as important. Questions asked and reaction post event online was of particular interest.
This year, the aim was something for everyone every day, regardless of speciality and experience
The number of individual advisers we reached increased threefold and over 1000 of them were completely new to IPTF, which is very meaningful when we consider the need to get the income protection message out there to those not currently selling the amount they could – and should – be.
After any exercise such as this, it’s helpful to take stock and reflect on what worked and what changes need to be made for next time. IPAW 2023 proved to us that advisers talking to their peers and sharing experiences is as powerful, and useful, as ever.
The interest we saw when our guest advisers discussed tools or techniques they use regularly to make their processes more efficient or impactful was noticeable. Stories get reactions and are memorable, which is key in terms of creating an impact in an adviser community we hope will now build on the knowledge gleaned and turn it into increased income protection sales.
Jo Miller is co-chair of the Income Protection Task Force
It’s the second album, not the third, that’s always been notoriously difficult. I can think of any number of great third albums.
For a whole host of reasons, Income Protection has always been a difficult sell mainly, though by no means exclusively, because a good package has always been so darned expensive, especially for the very people who need it most, i.e. those in Class 3 & 4 occupations. Apart from a decent level of cover, you want a short waiting period, at least some measure of protection against inflation and probably some pension contributions cover. They all add up.
Another common reason is: It won’t happen to me or, if it does, I’ll only be off work for a few weeks at most and the State, my savings and my partner’s income will cover me for that period. When you think about it, how many people have you ever known who’ve been off work due to sickness or accident for longer than a month or two? Considerably fewer than those who’ve died, I’ll bet.
Not surprising there was so much engagement when I see the IPTF summary page for all the sessions (with links to each day’s sessions). So well thought through as to what could really help.