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Aimed at Intermediaries and Investment Professionals only

Building Businesses; Protecting People. Name Business Development Manager. Aimed at Intermediaries and Investment Professionals only. Agenda. 01. TCF - an update and focus on management information. 02. Sales and marketing in today’s world. 03. The Matrix – 21st century solutions. 04.

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Aimed at Intermediaries and Investment Professionals only

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  1. Building Businesses; Protecting People Name Business Development Manager Aimed at Intermediaries and Investment Professionals only

  2. Agenda 01 TCF - an update and focus on management information 02 Sales and marketing in today’s world 03 The Matrix – 21st century solutions 04 www.windows of opportunity

  3. REMEMBER ME? I’M FRANK, A FINANCIAL ADVISER REMEMBER ME? I’M FRANK, A FINANCIAL ADVISER Treating Customers Fairly An update and focus on MI

  4. TCF and Management Information (MI) The 2008 deadlines • Firms need to have MI to show they are delivering the 6 TCF consumer outcomes (March 2008 ) • This MI should demonstrate to us and the firm that they are treating their customers fairly and delivering the 6 outcomes (December 2008) Source: Financial Services Authority -Treating Customers Fairly – guide to management information, July 2007

  5. MI is the key Poor : From the financial records the firm can prove it sold 33 policies last month Of sales last month 35% were for product X 25% were for product Y 20% were for product Z the remainder was made up of products T,U,V and W Good : Source: Financial Services Authority -Treating Customers Fairly – guide to management information, July 2007

  6. 5 steps for using TCF MI Seen The MI should be Challenged Analysed and monitored Acted upon Recorded Source: Financial Services Authority -Treating Customers Fairly – guide to management information, July 2007

  7. Acted upon – a vital step “ This is the most critical part of TCF MI for us. We have noted many firms collect MI and have a clear review process for it but it is not always evident how firms act to remedy any problems with delivering the six outcomes that the MI indicates. “ Source: Financial Services Authority -Treating Customers Fairly – guide to management information, July 2007

  8. TCF and 2009 “ To realise the benefits of the TCF initiative more quickly, we have decided to move TCF assessments into our core supervisory work earlier than originally planned – now January rather than September 2009. “ What does this mean for us? Source: Financial Services Authority -Treating Customers Fairly – guide to management information, July 2007

  9. What will the FSA be looking at ARROW visits will include TCF The TCF outcomes will be reviewed with reference to MI Direct testing of the consumer experience(call listening, mystery shopping, file reviews)

  10. The ARROW sequence Request for information Determining the scope and nature of the assessment Assessment validation Feedback to the firm

  11. TCF Summary TCF : Should now be embedded MI: Key to FSA requirements Assessments : from January 2009

  12. Building Businesses; Marketing Overview Name Business Development Manager Aimed at Intermediaries and Investment Professionals only

  13. The 4 Ps Product Price Proposition Promotion What are you offering? What do you charge? Where do you position yourself? How do you let your customers know whatyou offer?

  14. Protection in a changing world • Brad and Angelina • Madonna • Kylie • The Beckhams Who is the odd one out?

  15. Protection in a changing world The Traditional Model: 1Single 2 Couple 3 Buy a house 4 Family 5 Move house 9 Death 8 Widowed 7 Grandchildren 6 Empty nesters

  16. So now for something completely different • Introducing the Matrix • “Individual” thinking • No standard path to follow • Meets common client needsand situations • Help you to increase yourbusiness potential

  17. Life Matrix Singles Partnerships Families Young • Graduates, 1st job • 2nd or 3rd jobprofessionals,living alone • Living together not married • Married no children • Same sex partnerships • Professional single parents • Couples with young child/children Middle Age • Living together not married • Married no children • Same sex partnerships • Committed professionalsingles • Newly single (divorced/separated) • Widowed no children • Married partners with children at home • Non married partners with children • ‘Blended families’ children from 2 relationships • Widowed mothers/fathers Mature • Never married • Divorced/separated no dependent children • Widowed • Married ‘empty nesters’ • Non married partners, no dependent children • Same sex partnerships Couples providing for grandchildren

  18. What do you need to help you? A client bank Quality direct marketing letters: • material you can copy and paste • relevant for specific needs • not provider specific Supporting information Practical products and a help at hand

  19. Your Scottish Provident IQ report Information Includes: Client name and address Policy number and plan details Sums assured Term

  20. The Matrix High level needs analysis Life stages Key situations Wedding First child New baby Adoption First house Moving house Death of a spouse Redundancy Leaving work Back to work General financial review Investment review Education fees Debt protection Income protection Mortgage protection Family protection Protecting maintenance Retirement planning Wealth protection

  21. Life Matrix Singles Partnerships Families Young • Graduates, 1st job • 2nd or 3rd jobprofessionals,living alone • Living together not married • Married no children • Same sex partnerships • Professional single parents • Couples with young child/children Middle Age • Living together not married • Married no children • Same sex partnerships • Committed professionalsingles • Newly single (divorced/separated) • Widowed no children • Married partners with children at home • Non married partners with children • ‘Blended families’ children from 2 relationships • Widowed mothers/fathers Mature • Never married • Divorced/separated no dependent children • Widowed • Married ‘empty nesters’ • Non married partners, no dependent children • Same sex partnerships Couples providing for grandchildren

  22. Likely Low salary Rented accommodation Student debt Credit card Small car loan Weekly living costs Responsible and ambitious Unlikely Mortgage Much spare income High levels of savings Young singles

  23. u.k. average £20,000by 2010 (1) once graduated Protect student debt approx £3,000 Protect car loan/credit card approx £3,000p/m Protect monthly living Young singles Needs (1) Kensington Community Bursary Project 2007

  24. Young singles Solutions CI DTA (debt protection) IP + Critical illness cover income benefit as alternative

  25. Young singles Handling objections I don’t need any of that insurance stuff I can’t afford it I’ll do it later

  26. Young singles Handling objections I don’t need any of that insurance stuff Who pays back the loans? How do you pay the rent etc? Do you really want to go and live at home again? It won’t happen to me! I can’t afford it I’ll do it later

  27. Young singles Handling objections I don’t need any of that insurance stuff Would you miss 2 pints of lager or glasses of wine a week? Would you miss one or two takeaways a month? I can’t afford it I’ll do it later

  28. Young singles Handling objections I don’t need any of that insurance stuff I can’t afford it Do a quote for now and in 5 and 10 years time I’ll do it later

  29. Young singles High level needs analysis Life stages Key situations First house Debt protection Income protection Mortgage protection

  30. Young singles Summary Objections : challenge and offer solutions Right place: understand the consequences Cost : not an objection, just a reason

  31. Young partnerships Likely • Reasonable joint salary • Rented accommodation • First mortgage • Credit on furniture etc • Monthly living expenses Unlikely • Spare income

  32. £125,000 Protect the mortgage £6000 Protect any outstandingcredit/loans approx £1500p/m Protect monthly income Young partnerships Needs

  33. Young partnerships Solutions Life and CI DTA (mortgage protection) IP Unemployment benefit + + Critical illness cover income benefit as alternative

  34. Male 28 nb Non smoker Car salesman £125,000 Life & CI DTA £10,000pa IP + 26 wk dp WOP Female 26 nb Non smoker Office Manager £125,000 Life & CI DTA £10,000pa IP + 26 wk WOP Example - ideal Joint life for the same sums assured £74.09 Premium = £36.57pm Premium = £42.58pm Total premium £79.15 Rates correct as 05 Feb 2009. Premiums payable will depend on individual circumstances

  35. Total premium for both= £ 79.15 per month Their budget= circa £50.00 per month Young partnerships Tight Budget Houston we have a problem!

  36. Male 28 nb £125,000 Life DTA £50,000 Life and CI DTA + Buyback £4,000pa IP + 26 wk dp WOP Female 26 nb £125,000 Life DTA £50,000 Life and CI DTA + Buyback £4,000pa IP + 26 wk dp WOP Example – budget planning Premium = £23.29pm Premium = £25.46pm Total premium £48.75 Rates correct as 05 Feb 2009. Premiums payable will depend on individual circumstances

  37. Increase mortgage amount Want wider mortgage protection Want extra family protection Repay some mortgage Move to bigger home Increase protection Add missing benefits Add extra lump sum or income benefits Adjust remaining benefits Increase protection and adjustbenefit term A client is a life long relationship

  38. Young partnerships High level needs analysis Life stages Key situations Wedding First house Redundancy General financial review Debt protection Income protection Mortgage protection Unemployment protection

  39. Young partnerships Summary Cost : menu solutions offer better value Value: something is better than nothing Review : add/increase at later date

  40. Young families Likely • Reasonable income • Rented accommodation • First mortgage • Credit on furniture etc • Monthly living expenses • Looking to children’s future Unlikely • Spare income

  41. Mortgage protection Average mortgage is £117,000* Familyprotection average household income approx £31,000** Children’scover average age first time mum 29*** Young families Needs *Source: Average Mortgage £117,000: http://news.bbc.co.uk/1/hi/business/7797027.stm (December 2008) **Average household income: http://news.bbc.co.uk/1/hi/england/staffordshire/7225167.stm (February 2008) ***Average age of a first time Mum: http://www.statistics.gov.uk/StatBase/ssdataset.asp?vlnk=6372&Pos=4&ColRank=2&Rank=224 (January 2009)

  42. Young families Solutions Life and CI DTA (mortgage protection) Life FIB IP + + Critical illness cover income benefit as alternative

  43. Young families Budget friendly solutions Family income benefit - to keep life and CI costs down Children’s CI cover – free benefit with parents’ CI Children’s IP cover - free benefit with parents’ IP Please see our product literature for full details and restrictions as exclusions and limitations, terms and condition will apply.

  44. £100,000 death or earlier CI level basis 25yr term Young families Family income benefit • £4000pa death or earlier CI level income basis 25yr term Based on: - Male 30 next birthday, non smoker, Teacher Total premium = £25.18 Total premium £10.94 Rates correct as 05 Feb 2009. Premiums payable will depend on individual circumstances

  45. £100,000 death or earlier CI level basis 25yr term Young families Family income benefit • £6,000pa death or earlier CI level income basis 25yr term Based on: - Male 30 next birthday, non smoker, Teacher Total premium = £25.18 Total premium £15.15 Rates correct as 05 Feb 2009. Premiums payable will depend on individual circumstances

  46. Young families High level needs analysis Life stages Key situations First child New baby Adoption Moving house Redundancy Leaving work Back to work General financial review Education fees Debt protection Income protection Mortgage protection Family protection

  47. Young families Summary Cost : not an objection, just a reason Solutions : menu based offer great value

  48. Middle age singles Likely • Good income • 2nd/3rd mortgage • Maybe recently divorced • Monthly living expenses • Good control of finances • Enjoying good lifestyle Unlikely • To see the need for protection

  49. Average asking price for a home£276,526* Mortgage protection Incomeprotection 1.92 millioncurrently unemployed*** Unemployment cover Middle age singles Needs average approx£24,000** *Source: http://www.home.co.uk/guides/house_prices_by_town.htm (January 2009) **Source: http://www.independent.co.uk/news/uk/home-news/benefits-families-on-above-average-takehome-pay-1215348.html (December 2008) ***Source: http://www.guardian.co.uk/business/2009/jan/21/unemployment-figures-analysts (January 2009)

  50. Middle age singles Solutions Unemployment benefit CI DTA (mortgage and personal protection) IP + + Critical illness cover income benefit as alternative

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