1. Seven myths about protection that we need to get over 24 September 2015

2. Last time…

3. This time…

4. A follow-on from my last two presentations here -As usual, a little bit of overlap and a few familiar themes (things haven’t changed much since May 2013) -But more new than old -And not all about D2C this time -A small prize for the first to name all seven dwarfs in order of appearance

5. Myth 1: Protection is sold and not bought.

6. If you think this looks familiar, you’re right PISANB

7. This is actually largely true, but not in the way that we usually mean it: -```Protection is indeed mostly sold and not bought... -...but only because we insist on making it so difficult to buy... -...and giving consumers so little encouragement to buy it

8. Myth 2: You can’t get people engaged with protection

9. The truth: all consumer markets look like this A lot A bit Not at all

10. The usual sales and marketing issues 1.Which segment/s to target 2.How to target within your chosen segment/s (The lower you go down the pyramid, the harder you have to try)

11. Myth 3: Trouble is, the benefits of protection are so deferred

12. We (or a segment of us) get pleasure in the present from having planned for the future

13. Myth 4. There is a “right” amount of protection for everyone.

14. Sorry, but there just isn’t -Well, maybe for CI and Income Replacement -Absolutely not for life cover (beyond mortgage protection) -It’s just sales tactics... -...and huge figures put a lot of people off -“The great is the enemy of the good”

15. Myth 5: Needs are more important than wants

16. Which means… -Maybe with (some) medical treatments -Otherwise hardly ever (and very, very rarely in financial services) -Consumers’ choices reflect their attitudes and personalities -Believing anything else will leave you pushing a lot of water up a very steep hill

17. 6. Protectio is fundamentally different from other products and services

18. “No it isn’t”

19. It’s another product or service competing for its slice of consumers’ disposable incomes

20. Myth 7: Collective marketing campaigns are better than individual ones

21. Two of the very best and most admirable people in protection

23. If they can’t get a generic campaign to make a real impact, no-one can

24. My conclusion and message to the industry (same as usual): Stop sitting around grumbling about how difficult it all is One way or another, with one product or another, through one channel or another......get out there, convince people of the benefits that protection offers, and sell some stuff

25. The Seven Sleepy Dopey Bashful Doc Grumpy Happy Sneezy