Richard was recently appointed as our new Head of Protection Distribution. Learn more about him here…

Richard, what initially drew you to the protection field and why did you choose to pursue it as a career?
My long journey at HSBC into the protection sector began as a general insurance broker, followed by a move into retail banking, and then most recently, the intermediary mortgage business. I dedicated many years to helping customers achieve their dreams of home ownership, which was immensely rewarding. However, I believe that protection plays an even more vital role by safeguarding the things you cherish and have worked hard for—both material possessions and, most importantly, the financial security, health, and wellbeing of your family.

Can you share any specific examples of how your work in protection has made a positive impact on individuals or communities?

It is essential for customers to understand their cover and we have written our documentation to ensure clarity, targeting a reading age of 9. Additionally, we have introduced annual reminder statements for customers which importantly includes their insurance cover, but also added value health services, the importance of placing the policy into trust, and resources for financial support. The usage of our added value services continues to grow, and our customers score their interactions with our value added services provider, Square Health, an impressive 4.8/5.0.

What skills or qualities do you think are important for someone to succeed in a protection-related role?

Effective open-ended questions and strong listening skills are key to understanding customer needs. The ability to tell a compelling story, demonstrate empathy, and share your own vulnerabilities is vital in illustrating how protection benefits customers.

How does HSBC Life UK contribute to addressing the challenges and issues facing the protection sector?
We gather insights through consumer and adviser research, continually evolving our protection proposition. Recently, we expanded our Value Added Benefits (VABs) to include partners and dependants of policyholders. We have enhanced our underwriting practices by introducing digital rules for mental illness disclosures during life and critical illness cover applications, eliminating barriers to protection. This allows more individuals disclosing mental health conditions to receive standard terms at the application stage. We also offer critical illness cover to type 2 diabetic customers without requiring NHS records. Our commitment is to grow the protection market and empower advisers to provide financial resilience for their clients.