Grab the Opportunity for Product Transfers
Thank you all for attending the National Training Event this month. It was a pleasure to see so many of you and we really hope you enjoyed the day!
March was one of the peak months for PTs this year but we are going to see even bigger months to come. Make sure you are in touch with your customers well before their Product Transfer date to make sure you are the one to help.
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Victoria Clark
Head of Lending
Great innovation with more lenders introducing interest servicing plans
We have had another lender introduce an interest servicing plan which gives the customer a discounted interest rate whenever they are paying the interest payment they committed to pay at the outset. This continues to show great innovation within the Later Life Lending space and gives the customer more choices.
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Victoria Clark
Head of Lending
Spring into Protection
As the days grow longer and the weather warms, people begin to refresh their homes, reorganize their lives, and prepare for the months ahead. While many associate spring with cleaning cupboards and gardening, it can also be the perfect time to review insurance coverage.
Life changes such as moving homes, renovating a property, buying a car, welcoming a new family member, or starting a new job can all affect insurance needs. Spring provides a natural checkpoint to make sure policies are up to date.
When people think of spring cleaning, they usually picture clearing out old belongings. The same idea can apply to insurance. Encouraging clients to review their policies can help identify outdated coverage, unnecessary add-ons, or areas where they might be underinsured.
Some questions worth asking your clients during a spring review:
- Has the value of your home or belongings changed?
- Have you made upgrades or renovations to your property?
- Have there been changes in your family situation?
- Are you getting the best value from your current policy?
Taking the time to evaluate these factors can help ensure that your client’s coverage remains effective and relevant.
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Amy Wilson
Head of Insurance
Is PMI necessary for businesses?
The Keep Britain Working report was published in November and this really highlighted the significant impact of ill-health on employment and productivity.
Currently, 2.8 million working-age people are economically inactive due to health conditions. Without meaningful intervention, projections suggest a further 600,000 people could leave the workforce by 2030 due to health-related issues.
On average, each day of sickness absence costs businesses around £120 in lost profit, and with 150 million working days lost annually, the overall impact amounts to billions in lost productivity and unexpected costs for organisations. Evidence from the CIPD shows that sickness absence rates are now at their highest level in 15 years, and 50% higher than in 2019, reinforcing the urgency of addressing workforce health.
The NHS has been increasingly operating in a reactive capacity since the pandemic, and in July the Government published its 10-year health plan which clearly outlined a need for a major shift towards preventative care.
One of the most effective tools available to businesses is PMI which can provide faster access to diagnosis and treatment, support early intervention, and reduce the length and frequency of sickness absence. Although PMI was traditionally reactive, more and more providers are starting to look at prevention, whether that is through rewarding healthy lifestyle choices, or using advanced technology such as genomic testing to predict the likelihood of developing certain disease.
With the costly impact of absenteeism and presenteeism being further inflated by delays in the NHS, can businesses really afford not to have PMI?
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Amy Wilson
Head of Insurance
Reviewing Home Insurance with a Spring Clean
Spring is often associated with fresh starts, longer days, warmer weather, and the perfect opportunity to reset after winter. While many people focus on decluttering their homes or starting new projects, it’s also an ideal time to review home insurance.
Over the winter months, your client’s property may have faced harsh conditions like storms, freezing temperatures, or excess moisture. Spring gives them a chance to assess any wear and tear, and if repairs or improvements have been made, it’s important to ensure their insurance policy reflects these changes so they remain fully covered.
It’s also a good moment to consider whether your client’s current level of cover still suits their needs. Perhaps they have purchased new valuables, upgraded parts of their home, or started working from home more regularly. These changes can affect what their policy should include, and reviewing now can prevent gaps in protection later.
Spring cleaning often uncovers things you forgot you owned; valuable items tucked away in cupboards or the loft. Taking stock of your belongings can help you make sure your contents cover is accurate and up to date. Your clients underestimating the value of their possessions could leave them out of pocket if they ever need to make a claim.
Check out our customer facing social media post you can use which has already been FP approved:
Spring is in the air 🌸🏡
While you’re busy refreshing your home, it’s the perfect time to review your home insurance too. Have you made any improvements recently? Bought new valuables? Or just not checked your cover in a while?
A quick review now can make sure you’re properly protected when it matters most.
If you’d like a quick check or some advice, feel free to get in touch.
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Amy Wilson
Head of Insurance
