Opportunity for advisers and insurers to step up for clients post-COVID

Australia’s head of customer strategy and propositions, Matt Lippiatt, joined the latest episode of the ifa Show podcast, where he discussed his views on what the next 12 months looks like for the industry, particularly as pandemic restrictions cease.

“There's been a lot written about the great resignation and people upping and sea-changing and tree-changing. It's only natural after a period of time we've been through that people are going to be looking to make big changes in their life,” Mr Lippiatt said.

“But in making those big changes, I think maybe what's underpinning it is people reassessing what's really important to them in life.

“And as people go through that process… I know many people in my circle of friends who've really made some decisions about their health, whether it's given up the booze, getting fit. I think it's just led to a bit of a general reappraisal or reassessment of what people want out of life.”

Mr Lippiatt said because of this, both advisers and insurers have an opportunity to tap into this and better support their clients.

“Advisers have an opportunity there to step into it. Insurers need to support that. We need to be there and delivering more value around the things that matter to people because, let's face it, the insurance at the end of the day is a bit of a commodity or it has that characteristic.

“So as an insurer, we can't just stand back and say, ‘Well, insurance is our thing.’

“No. We need to be thinking about how we bring more value to the table.”

On the podcast, Mr Lippiatt also spoke at length about how advisers can use health to grow their business.

Listen to the full episode here.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.