Paymentshield have launched a new video explaining how advising on general insurance can actually help advisers earn more per minute of their time than when arranging mortgages.
This is because, unlike a mortgage proc fee, general insurance provides the opportunity to earn recurring revenue every year, as long as the policy remains in place. It can also accumulate quickly and deliver a significant income stream.
Just as criteria is a crucial element in choosing the right mortgage for clients, it’s also important in choosing the right insurance policy. Clients can be tempted to select a policy based on price alone, but if they ever need to make a claim and the product they selected does not provide the right level of cover, they could be left in a very difficult situation, which could put significant strain on their finances.
However, by offering advice on general insurance alongside every mortgage, advisers can make sure their clients benefit from the correct level of cover for their needs and, in doing so, can build a stronger and potentially more valuable business.
The most successful businesses are those that make the most of opportunities and provide genuine benefits to their customers. That’s why, if you’re looking to take this approach with your business, general insurance should be at the forefront of your plans.
