Local Roots
Covid-19 has made us all more grounded in our local communities as we are spending far more time working and living from home.
From a business perspective it is mightily reminiscent of an age gone by when local business was a mainstay for many a high street broker. This is how we started out 30 years ago. The days of ‘your local high street insurance broker’, has largely long passed – there are very few left. However, just because you don’t have a physical office presence there anymore, there is still valuable business to be won on ‘home turf’.
We are supporting our local grass roots through the local football club Ringmer AFC, for example, with sponsorship for this very reason. We understand the importance of our local roots and also the new business opportunities that it has always offered.
It’s a rewarding strategy in many ways, particularly now during the pandemic, and I strongly recommend that advisers and brokers out in the market, no matter your size and geographical reach, pay attention to the possibilities to grow your business on your doorstep – helping local businesses and residents.
Investigate local business networking groups too (albeit virtual right now). Why not put a tailored package together to support your local high street – encouraging local businesses from the butcher to the newsagents to the undertakers, to collaborate and support each other through local marketing initiatives that benefit them all. These are all businesses which will have GI needs that you can help with.
Price walking
Following the FCA’s report into the practice of Dual Pricing which was published in September, insurers will now need to provide data to demonstrate they are pricing policies fairly and increasing the transparency and methods by which customers can cancel auto-renewals. This is in a bid to stop the historical practice of ‘price walking’ where new customers pay cheaper premiums than renewing policyholders. Firms will have until 25 January 2021 to offer feedback on its proposals.
This is likely to have a huge impact on the industry and one of the more positive impacts of the measures could be the detrimental effect it is likely to have on Price Comparison Websites (PCW) as there will be less incentive for consumers to ‘shop around’. If existing customers know they are being offered the same price as new customers every year, it’s likely that many people will stop switching. This is bad news for PCWs but great news for intermediaries and their customers.
It is possible that insurers will look to increase excesses and reduce cover levels in some areas to try and mitigate lost margins – only time will tell, but the result will certainly make a broker’s advice all the more vital in ensuring the client has a policy which suits their needs. Ultimately it puts more focus on policy quality, not just price, which has to be a positive move for the industry and customers.
Are any of your own insurances due for renewal in the next four weeks?
You will be helping your clients out with their general insurance needs, but what about when it comes to you own requirements?
Contact us to review your current insurance cover.
You can pay net of any commission due under your agency and no policy fee is added.
* Home Insurance
*Landlords Insurance (Single property or portfolio)
* Office and Commercial Insurance (if you have your own premises)
*Directors & Officers Insurance
*Risk Management
* Cyber Insurance
* Any other insurances due for renewal
Contact our team today on 01273 477784 should any of these covers be required within the next 30 days.
If cover is not required just yet, email us on agency@baonline.co.uk with details of your renewal dates and we will contact you 3-4 weeks in advance of the due date.
Let our team help you in the same way as you help your clients with their insurance needs.
Remember if you work from home, check your policy cover / restrictions and make sure your home insurance provider is aware.
