As entertaining as life insurance can be (to us at least), one of its most crucial products made a rare appearance on prime-time television yesterday.
Participants in ITV’s game show The Chase posed the following question: “Which insurance contract is often referred to as IP?” “
Although they initially answered incorrectly (“insurance premiums”), participants finally got it. understand, said an industry commentator.
Watched by Matthew Chapman, insurance expert at Plus Healthcare and founder of MCAB Adviser Coaching, he said on LinkedIn: “I was delighted to see that the candidates got it right, answering ‘income protection’. But it got me thinking about what we really do. like to make things more difficult for ourselves and our clients.
“We tend to use overly complicated language, jargon, acronyms, terminology and explanations. So much so that it has now inspired a question on The Chase!
“I am happy to see that the candidates are finally right after first answering ‘insurance premiums’, but it left me with the feeling that we still have a lot of work to do to simplify, educate and improve the access to our products for the average consumer. . “
He added that campaigns such as Seven Families have been very effective in communicating the value of income protection to consumers in the past, adding, “We MUST keep this momentum going, especially at such a crucial time.
“Financial resilience has never been more important. So let’s try to speak, but using simple English and in more understandable terms when we can.”