ROYAL LONDON HAS YOU COVERED

Wed Sep 11 2019

2019 has been another excellent year for Royal London. To start the year, the company invested heavily in the Irish market by establishing its Irish business as a subsidiary of its UK parent. Royal London, which has over 190 years of heritage in Ireland, is now registered in Dublin and is regulated fully by the Central Bank of Ireland. New business sales have achieved growth of 40% by mid-year, leading to an estimated increase in market share to 21% in Q1 2019. Royal London credits its success to date on the much appreciated support it receives from Financial Brokers, to whom it is strongly committed to providing superior service and products and which have customers’ best interests in mind.

Speaking about the importance of customer-focused protection products, Joe Charles, Head of Proposition commented, “Our main focus is to create truly market-leading products which provide real value for you, Financial Brokers, and great cover for your clients. To achieve this, we require a deep understanding of consumers’ financial needs. Through our own analysis and research, as well as listening very closely to your feedback and views, we continuously review and refresh all of our product lines. The response to our approach has been very positive indeed, with substantial new business and market share growth to date, as well as some independent product awards, and we really appreciate your continued and growing recommendation of our product offerings.”

Excellent Protection Products

As a business which specialises in protection, it makes sense that Royal London is focused on providing feature-rich protection products. This focus has been supported by a desire to be innovative and lead the way to ensure you and your clients have the best Protection choices available. And crucially, Royal London is committed to making sure your clients get value for money and cover they can trust.

Commenting on some of Royal London’s product innovations, Joe said, “Our protection suite of products offer valuable benefits at competitive prices. Plus, the valuable features and benefits we offer are supported by a service team that is efficient, empowered and always willing to go that extra mile to help brokers and customers.

“We received some great feedback from brokers on our product innovations, which is really pleasing. Our unique Life Changes Option on our market-leading Whole of Life product, which offers greater flexibility for customers, continues to perform very well. As does our award-winning Term Assurance and our Specified Serious Illness cover, both with unique features and support services for customers.

“We were the first provider to lead the way in the Mortgage Protection market and offer Dual Life cover for the same price as Joint Life cover. Our focus on customer’s best interests means customers can get double the cover at no extra cost, and our Mortgage Protection cover continues to receive very positive feedback.

“Our products offer great value to customers, especially when used alongside our leading broker-supportive offer or when our Broker Price Guarantee is applied. This is all backed up with a service you can rely on and a company that is strong, secure and committed to the Irish broker market. Daragh Feely, our Head of Sales, and his team are always available to help with any queries you may have and are happy to hear from you.”

Financial size and strength

Naturally, the claims process is a key moment of truth for providers and Royal London is committed to doing what’s right for customers at all times. It’s important that your clients know that they have placed their money and trust with a responsible company, who will protect their family when it’s needed most. Royal London focuses on paying its claims quickly and efficiently. In 2018 it paid*:

  • 99% of total protection claims**
    • 95% of Term Assurance claims
    • 91% of Specified Serious Illness claims

“As part of the Royal London Group, we benefit from its strength and stability: the Group has funds under management of over €145 billion, provides around 8.8 million policies and employs over 4,000 people. The financial security of a life insurance company can be a key concern when your clients buy protection products. A life company that’s strong and stable will be able to honour its promise to pay out, and that’s exactly what Royal London offers. We will pay our claims as we should, when we should.” Joe stated. (Figures as at 30/06/2019.)

Excellent Service for you and your clients

Following Royal London’s much coveted recognition for service in last year’s Brokers Ireland Excellence Awards, it has maintained its commitment to offering you and your clients a superior service. Key to this commitment is its people and their friendly, efficient and emphatic approach to all aspects of service and support.

Joe noted, “We were delighted to be recognised, through broker voting, as number one for service last year for the second year in a row. The people throughout our business are, I believe, the best in the market. Our operational areas headed by Greg Dyer, Chief Operation Officer, are committed to delivering best-in-class service. Our underwriting and claims team has developed a reasonable, transparent and efficient customer-focused philosophy and our Case Manager team provides a personal and pro-active service.”

Excellent Support for you and your business

As a broker-only company, Royal London is very aware that supporting you and your business is important. Some of the ways it does this is by continuously reviewing its products and technology so it’s easy for you to do business with them. Royal London also offers valuable and flexible commission structures, CPD online (which is very popular in December), CPD in-person at roadshows and through Broker Consultant presentations and increased consumer awareness of the valuable service Financial Brokers provide. Royal London has long since coordinated targeted PR campaigns that raise public interest in financial protection and always recommends consumers contact their local Financial Broker. So far in 2019, Royal London has highlighted the value of independent Financial Broker advice in over 200 media publications.

Joe went on to say, “In addition to strengthening our long-term commitment to the broker-market in Ireland through the establishment of our new subsidiary business here, which required substantial financial investment, we’ve been busy working on lots of exciting proposition, servicing and technology changes planned to ensure we continue to provide excellent service and support to brokers and their clients.

“On behalf of all the people at Royal London, I’d like to say thanks to all of you for your support and feedback. We’re proud of the progress we’ve made and are committed to continuing this journey with you. And when it comes time for this year’s Brokers Ireland Excellence awards, we’d like, and we’d appreciate, if you would keep us in mind when casting your vote!”

Visit royallondon.ie/brokers for all Royal London’s latest news and developments.

 

*Group protection figures from Royal London Ireland and Royal London UK protection business claims paid (01 January 2018–31 December 2018).

**Figure includes Term Assurance, Whole of Life, Terminal Illness, Total Permanent Disability, Specified Serious Illness and Income Protection.


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