by Brian Coulton (Head of Sales) Source Insurance
The 2015 rugby world cup is now in full swing and going better for some home nations than others, everyone is full of opinions of what is needed to lift the Webb Ellis Cup.
What has gone wrong with the teams that have faulted in the first round of the tournament?
Rugby is very similar to business. It’s at its best when the whole team pulls together and do their individual jobs for the greater good of the overall aim and much like our own day to day lives, Rugby is at its most eloquent when simplified.
However, what is noticeable watching from a distance, is how important the conversion in rugby plays to the success of the team. Those 2 extra points are quite often the difference in whether a team wins or loses, despite all the hard work from all the team in getting the ball over the line for a try.
Take this metaphor back into the world of mortgage advice and underneath there is a lot of similarities. The advisor and his team, whether that be internal or external, all pull together to ensure the mortgage application is processed correctly and in a timely manner for their customer, but how many then take the plunge to convert the additional sales?
Once you have the crossed the “whiteline” for the mortgage you are in a great position to convert.
Like conversions on the pitch these can lead to you becoming industry “winners” and taking both your credibility with your clients and your own profits to the next level.
Below is a real live example of how GI can play a vital part to your business:
Broker Case Study Pounds and Pence
- Writes 200 mortgages a year
- Started writing GI Business 5 years ago
- Converts 120 per annum into GI (60%)
- Average premium £250
- GWP £30,000
- Year 1 commission £6,000
- Year 5 commission £40,000
Whether you scale this up or down for your own business need it certainly shows what impact converting sales from the main mortgage has to offer.
Source Insurance is always willing to assist with training and ideas on how you maximise the value of General Insurance in your business and would welcome the opportunity to work with you on a bespoke level. Due to our arrangement with the Right Mortgage and the Key, we now are able to offer a fully integrated system. Just another way we can help with your GI conversion!
For more information or to discuss your own GI needs please call 02920265265 or email Brokerrelationships@thesource.co.uk and one of your dedicated team will be waiting to assist you.
