Whenever our Account Management Support team speaks with mortgage brokers and independent financial advisers there are two statements that crop up on a frequent (and frustrating) basis in respect of home and BTL insurance.
- ‘I let my clients arrange online’
- ‘My clients mention they are going online, what can I do’
Let’s deal with the first one. It still amazes me today that so many mortgages brokers/financial advisers avoid looking after some aspects of their client’s comprehensive financial needs, including GI requirements. Surely it does not make sense to let valued customers go and arrange certain product solutions themselves, as inevitably this leaves the door open for unwanted competition to step in. These customers will certainly be cross-sold other products meaning mortgage brokers/financial advisers may lose out on valuable income. I do not observe many mortgage brokers/financial advisers letting clients arrange mortgages, life cover, protection etc. online so why let GI go down that route?
This is where I have seen ‘best in class’ brokers/advisers stand out. They always maximise the income opportunity per household and leave no advice gaps. That includes GI as these ‘elite’ brokers/advisers partner with providers who combine products of guaranteed quality with sales processes which are easy and deliver excellent return on effort invested. In the unlikely event these ‘elite’ mortgage brokers/financial advisers do not provide the holistic advice themselves they either have back office operational staff who ‘sweep’ up the cross sale opportunities or alternatively they connect with GI experts on a referral/introducer only basis.
Regarding the second point – it is both logical and crucial that your clients are aware of potential pitfalls when selecting insurance cover. Many only realise poor quality has been selected at point of claim which is just too late. Indeed a recent BBC news report highlighted 1 in 5 claims are not settled. Often the reasons were down to a lack of criteria understanding and the complexity of cover not being fully understood. Put simply the customers had not purchased what they thought they were getting.
Obviously customers will not get specific advice from online comparison sites but mortgage brokers/financial advisers can help and ensure customers are comprehensively informed so good choices can be made. I would urge all mortgage brokers/financial advisers to use this BBC report along with emphasising clearly that available products differ considerably. It should be suggested customers always look for quality cover at competitive pricing and you can help them. After all you have helped with the biggest financial arrangements, their mortgage, and this means the ‘good will’ created leads to a very easy sale.
At Uinsure, the mortgage broker/financial adviser feedback is vital and has led to a GI proposition which will help your clients find a guaranteed quality Defaqto 5 star insurance policy. Further your reward can be commensurate with applied effort. Our simple, easy to use, and quick system will mean GI is no longer time consuming. Coupled with free access to Defaqto compare tool which allows you to expertly compare over 300 Home and Landlords insurance products, you can be your clients number 1 choice. Alternatively if you are still not convinced, let us take the strain with our ‘refer & earn’ option.
