General Insurance (GI) – Its not worth it – Well I beg to differ!
Over the 15 years or so that I have worked in the mortgage / IFA market promoting GI; as BDM, Head of Sales or MD role; brokers have consistently said ‘I don’t do GI, as it is not worth the hassle for limited income’
Well, I beg to differ, and I don’t just mean from the long-term income earnings highlighted by us and other providers for selling home insurance.
During July, we saw a wide range of insurances placed by brokers with us. You would be surprised as to the commission the top 10 cases generated for the brokers. Now tell me GI is not worthwhile…….
- Commercial Combined Insurance – £6,092
- Commercial Combined Insurance – £2,051
- Shop Insurance – £858
- Property Owners (Landlords) Insurance – £722
- High Net Worth Home Insurance – £633
- Non-Standard Home Insurance – £503
- High Net Worth Home Insurance – £454
- Property Owners (Landlords) Insurance – £439
- Personal Accident Cover (Professional Footballer) – £430
- High Net Worth Home Insurance – £423
10 cases generating brokers £12,605 in new business commission which will also be due each year the policy renews.
Put simply, to earn that level of commission for online home insurance sales, a broker would need to sell 157 policies*, plus the compliance work that goes with each of those sales.
Interestingly 70% of theses enquiries were ‘introductions’, where the broker simply passed the case over to us and had no compliance requirements to undertake.
So, if you think GI does not pay, then think again.
What you need from your GI provider is the help and guidance to be able to find these opportunities within your client base. That is where we can help.
Speak to our Business Development Team today on 01273 477784 or email agency@baonline.co.uk to find out how you can increase your GI income significantly.
