John Price, National Sales Manager, looks at what you can do and what help is available, so the GI opportunity doesn’t pass you by this Halloween.
Within six months, advisers have seen not only the lowest-ever recorded rate of monthly mortgage approvals, but now an appetite so high that mortgage lenders have had to pull products. Covid-19 has caused major instability in the property market, hitting advisers hard.
Paymentshield recognises the extent of this volatility and has a range of initiatives on offer to empower advisers to diversify into General Insurance (GI), which has proven itself to be a vehicle of recovery, regrowth, and dependable income for advisers throughout and beyond lockdown.
The scale of the GI opportunity is undeniable: research conducted by Paymentshield in March revealed a £47.8 million commission gap from missed GI sales in 2019 alone. In the same breath, Paymentshield appreciates that GI is unfamiliar territory for some advisers, who may feel apprehensive about broaching the subject with clients – indeed, 40% of respondents admitted to “sometimes” struggling in this respect.
There’s no need to be frightened of GI, however. Over the past year, Paymentshield has identified an increasing need to develop various resources aimed at helping advisers to incorporate GI into their business and deliver value to their clients.
Our first-ever CPD centre, for instance, comprised of e-books, whitepapers and on demand webinars, provides expert insights into GI best practice, including how to engage clients on GI and compete against price comparison sites. In fact, in one session from our live virtual “Changing World” conference in September, attendees heard from multiple firms who have introduced a GI specialist into their business, gaining key pointers around the habits of effective GI sellers. Recordings of all sessions are available here.
Together, these training materials are devised to boost advisers’ confidence in embedding GI into their sales process, especially in today’s challenging circumstances.
One of our webinars, “Remortgage and GI: What can you learn from Netflix”, compliments our 22% discount on our Defaqto 5-star-rated Home Insurance for remortgage, equity release, and product transfer clients which we launched earlier into lockdown as a tool to help energise adviser businesses. These customers are often overlooked when it comes to GI conversations, but this is a missed opportunity.
Throughout the crisis, the remortgage market has shown strong signs of activity, with no indication of slowing down: a recent study found that 7 in 10 homeowners plan to make home improvements post-lockdown. By facilitating sales of general insurance alongside a remortgage, our pricing initiative empowers advisers to seize upon this sentiment and to proactively offer remortgage quotes in their client consultations. Not only will customers in temporary financial difficulty receive critical support, but advisers will also benefit from an otherwise untapped income stream.
GI holds undeniable potential for the intermediary market in this period of unrivalled upheaval. With the direct sales support and breadth of educational resources we have on offer, advisers can approach GI conversations with confidence, make the most of this valuable opportunity, and future-proof their businesses.
It’s time to stop ghosting GI – you’d be a ghoul not to! Unearth our selection of GI CPD resources and training materials.