Paradigm Protect Newsletter - Black Friday

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Everyone working in sales, including IFAs and mortgage advisers, has the “age old” task of starting work in January with the “counter” put back to zero facing a challenge in maintaining or increasing sales in the year ahead.
Even post-RDR and the widespread introduction of fund based commissions, the resilience and drive of most brokers has not diverted business owners from the challenge of increasing New Business levels. However, everyone is faced with the same core issues of:-

  • Limited resources (cash or human)
  • Limited time
  • Increasing complexity in the markets in which we operate

So how can we help you face up to the challenges ahead in 2017?

From our perspective at Paradigm Protect, working smarter not harder means:-

  • Helping you to embrace technology
  • Helping you to gain product knowledge in one place
  • Offering a wide range of Products
  • Offering a wide range of ways to access Products
To expand on these four key areas….
We have been working closely with I Pipeline for some time and have been offering their basic quotation tool to Paradigm Protect members at no cost. During 2016 we have been following carefully their various trials of their newest product to market – Solution Builder.
Solution Builder is an intelligent quote and apply protection tool which allows financial advisers to compare simple and complex protection products, side by side, in a single view, to quickly identify the right solution based on their client’s needs and budget.

The main benefits are that it can:
  • Quickly find the right solution for your client’s protection needs – research, quote and compare across multiple product sets including Life, Critical Illness and Income Protection
  • Set your clients expectations earlier in the process with Intelligent Matrix Quoting – view a range of indicative premiums from a single set of inputs without having to run multiple quotes
  • View a number of solutions for your clients protection needs in a single view with Menu Builder – includes multi-benefit and single-benefit products
  • Return to and review previous quoting options with data being held for more than 30 days – no need to re-key data
  • Enjoy the simple and responsive user interface which is optimised for tablet devices
  • Use our indicative underwriting solution – XRAE, which is integrated seamlessly for your life and critical illness quotes.

In trials, brokers using Solution Builder increased premiums (and therefore commissions) by 20%. So imagine how much working smarter could add to your income in 2017. We have been so impressed with the trials that although it is a costed product, subject to certain conditions, we are going to offer it to Paradigm Protect members for FREE.

In addition we have also looked at the increasing complexity of Life Products and the compliance processes sat beside them. We have therefore been working with a leading technology firm to help support the sales process using a tool called Quality Analyser. The Quality Analyser tool has been designed to help advisers make an informed supplier selection based on their client’s individual needs
The main aims of the software are to:

  • Build a robust research proposition to support your advice process
  • Help selection of the most appropriate contract
  • Strengthen your compliance processes
  • Enable client expectation management
  • Access real time up to date product analysis
  • Save you time (increases profitability)
  • Reflect the clients requirements
  • Increase your knowledge base

Paradigm is offering member firms free access to the software, which is available in three modules, for workplace, protection and software. The protection module covers life, critical illness and income protection.

Product Knowledge
With the ever increasing demand on broker time we understand how difficult it is to keep up with Product Developments offered by Providers. Due to the continuing success of the Paradigm Protect masterclasses we have added to the numbers for 2017 and will be holding the following events:-

  • 25th January - Doncaster - Paradigm Specialist Protection Event
  • 7th February - Solihull - Paradigm Specialist Protection Event
  • 9th February - Belfast - Mortgage & Protection Event
  • 23rd February - Haydock - Mortgage & Protection Event
  • 28th February - Maidstone - Paradigm Specialist Protection Event

Many more will be announced soon. All of our events are accredited for CPD and have a minimum of 4 Providers present to help increase product knowledge in one place on one day thereby saving business owners time and effort in seeing Providers separately – where those Providers do have a field presence.

Wide range of Products
Paradigm Protect offers the widest range of Products of all of our competitors. In addition to the standard Protection offerings we also have access to impaired lives underwriters at Lloyds.
In 2016 we added to the individual offering by adding Group Life to the stable of Products – for both established writers of Group business as well as those who want to enter the market to link with the Pension reforms for example. We have now got dedicated resource from some Providers and offer unique products by a number of Group Life Providers when accessing through Paradigm Protect.
Coupled with a wide range of General Insurance propositions and access to PMI Products the overall offering is truly unrivalled.

Ways to access Products
At Paradigm we understand the demands on time whatever the core product offerings of your firm. We have therefore worked closely to make the selling/distribution of certain products easier by offering a referral service as opposed to using your valuable time to offer your clients a full range of Products. All of our referral partners have “no cross sell” agreements and offer a chance for you to earn valuable income with very little fuss for you or your clients. Currently we have referral options for the following:

We are also looking at introducing a Life referral option during 2017. Finally we cannot forget the support offered by some of our Provider colleagues to help minimise the time you spend on Marketing to your clients. Most providers will help in this regard, however LV do have one of the most comprehensive offerings in this area.

LV= Sales Support
We have talked through this Newsletter about the value of IT when added to the sales process.
LV have a risk reality calculator available online which will allow you to demonstrate to clients the potential risk of being off work, contracting a serious illness or dying which is bespoke to them based on the input of  4 items of data. It is a simple but very effective way of demonstrating the need for various levels of cover.
LV= understand that brokers may not have the time or resource to target clients with effective marketing messages and have a range of sales aids and ideas to support IFAs. This sales aid can help you demonstrate to clients the true value of Income Protection.

They also have a series of sales aids within this Powerpoint Presentation which can be viewed here.

Finally, in terms of Paradigm Protect, we are delighted to now have over 350 firms taking advantage of our offering, following our launch in 2014. These firms now earn more commission on their protection and GI sales and benefit from our support too.
Our Key milestones in 2016 …
  • Increased commission terms with AIG, Aviva, Aegon & Royal London
  • 2 year terms with Aviva
  • LV added to our Elite panel with enhanced commission rates
  • Launch of our Group Life solution
  • Enhanced GI proposition
  • Specialist GI and PII provider added - CDC Solutions
  • More specialist protection events than ever before
In less than three years, Paradigm firms are now placing in excess of £10m AP via Paradigm Protect. Given the rate of growth we’ve experienced and the number of business writers increasing rapidly, we anticipate that these numbers will grow substantially in 2017 so thank you for your continued support. We will continue to offer our market leading proposition and will continue to add to the significant benefits we offer to member firms.
We have undoubtedly achieved our key objectives from launch, which were to:
  • Deliver the most comprehensive range of Protection products for our firms with a definitive “no loaded premium” stance
  • Provide access to high quality support and product material via our website
  • Host nationwide training CPD events and all associated communication media
  • Build a sustainable business model whilst offering market-leading terms
If you need any information on anything mentioned in this note or anything connected Paradigm Protect please contact us on 0121 781 7337.

Finally we wish you a Happy and healthy New Year in 2017 and look forward to being of continued service to existing and New firms to make it a prosperous one too.
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View previous Protection Newsletters here
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FOR USE BY PROFESSIONAL INTERMEDIARIES ONLY. Visit the Paradigm Protect website to find out how we can benefit your business.
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Paradigm Mortgage Services LLP, Wellington House, Birmingham International Park, Solihull, West Midlands B37 7HB | tel: 0121 781 7337 | fax: 0121 781 7339
Copyright (C) 2015 Paradigm Mortgages

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Paradigm Mortgage Services · Wellington House · Starley Way · Solihull, B37 7HE · United Kingdom

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