Breaking the mould
Breaking the mould
30 May 2014
Since my last blog our new brand has got off to a flying start, and so has the cricket season. Royal London is sponsoring all 50-over cricket in England including England’s One Day Internationals (ODI), and the brand new Royal London Cup competition.
It’s been something of a mixed start to the ODI season for England with the team recording one of their lowest ever scores followed (3 days later) by one of their most emphatic victories ever!
I’ve also been keeping the media informed about our new vision for Royal London. If you’ve caught any of my interviews you’ll know I’ve not been backward in coming forward with my concerns about the life insurance market Specifically the ‘Over 50s’ sector which offers an affordable way for people with limited savings to fund funeral expenses. This is a real customer need but I believe the current market offers people lousy value.
Royal London intends to shake up this market and this week we started to do that. Royal London began back in the 1860s by helping people to save to avoid the stigma of a pauper’s grave, so it’s fitting that we begin to help people in this space first.
But it’s not enough to sell life insurance that is the same as every other provider’s - we must break the mould if we are to offer real value to customers. Our Over 50s Life Cover will be good value. It will also be both flexible and fair. These two small words are massive for us, and will make a big difference to people who need this kind of insurance plan.
For example, if a Royal London customer has to stop paying premiums altogether, provided the policy has been going for at least half the term, we will pay out at least half of the cash sum on death.
We also want customers to know their plan is going to work out even if times get hard - so their monthly premiums can be reduced at any time to £5 a month.
Although this solemn subject is still taboo, we’ll broach it openly and honestly so those who need it most know how to find us. To this end we’re testing different ads in the national press, to help us gauge how to best to communicate the benefits of our Over 50s Life Cover.
So, what with 50-over cricket sponsorship and the launch of our Over 50s plan, May has been quite a month in the history of Royal London.
Group CEO, Royal London