Product quality has overtaken affordability as the key selling point in protection advice, according to new research from UK health and life insurer The Exeter.

In a survey of advisers, 43% said clients prioritise quality of product, while just 31% pointed to affordability as the most important factor. The ability to buy multiple products from the same insurer (30%) and an insurer’s claims history (29%) also ranked highly.

Notably, customer service experience (28%) was deemed more influential than brand name or reputation (22%), suggesting clients are more drawn to personalised support and smoother processes than to recognisable insurer brands.

When asked about their own priorities when selecting insurers, advisers cited the ability to cover clients with multiple medical conditions (30%), competitive pricing (29%) and product quality (26%) as their top considerations.

GENERATIONAL DIVIDE AMONG ADVISERS

The survey also revealed that adviser concerns around client engagement and advice delivery vary considerably by age group.

Younger advisers, aged 18–24 (33%) and 25–34 (38%), said they were more likely to find it challenging to clarify policy exclusions and conditions. This compares to just 20% of advisers aged 35–44, and only 13% of those aged over 55.

Meanwhile, 47% of advisers aged 35–44 were most concerned about overcoming cost perceptions, compared with 33% of 18–24s and 31% of 25–34s, highlighting a generational split in perceived barriers during advice conversations.

Among those aged over 55, half identified explaining policy benefits and discussing pre-existing medical conditions as key challenges, but fewer in this group were worried about exclusions or small print, likely due to greater experience.

POSITIVE SHIFT

Jamie Page, head of protection distribution at The Exeter, said the results reflect a positive shift in consumer focus.

“Affordability has long been a challenge that advisers have had to overcome in advice conversations, and whilst price is still a key factor for clients, it’s encouraging to see product quality being given greater consideration.

“Where a client’s sole focus is cost, they may purchase less comprehensive cover, or in the worst-case scenario, no cover at all. With clients having an increased focus on product quality, advisers are best placed to discuss the range of options available to ensure cover meets their individual needs and budget.”

Page also stressed the importance of collaboration between insurers and intermediaries to better support advisers across generations.

He added: “The findings also highlight the importance of insurers and advisers working together to understand the wider challenges faced during the advice process. This will help insurers provide greater support that enables advisers to get the most out of every client conversation; whether it’s simplifying terms and conditions, delivering bespoke product training, or providing wider resources to overcome client objections.”