David Wright, one of our Regional Sales Managers, explores the benefits both financially and otherwise that a GI Specialist can bring to a business. 

It’s safe to say 2020 has provided many ups and downs in the mortgage and financial advice world. As a result of the uncertainty, businesses are looking more closely at what they can do to provide financial stability to their income stream. One-way businesses are looking to do this is through [more] general insurance.

At Our Changing World virtual conference in September, we asked attendees if as a result of the economic instability caused by Covid-19, had general insurance become a more important source of income to their business, 54% said that it had.

But it isn’t always practical for mortgage advisers to start doing [more] general insurance alongside everything else but by bringing in a GI Specialist could you solve that problem?

Let’s look at the two key areas that a GI Specialist could add to your business.


Even if GI is already an important part of your approach how many clients are missing out on the benefits of advice because GI isn’t being given the attention it needs?  And are you missing out on a revenue stream that can shield you during crises, hard times, or market slowdowns?

Let’s compare a hypothetical example of the number of cases you’re currently doing for GI, compared against the mortgages to see the scale of the opportunity. Could a GI specialist fill the gap?

If we say your business writes 500 mortgages per year and quotes GI 240 times with a 50% conversion that’s 120 policies in a year.

Current projection with no GI Specialist

Over 5 years your current GI benefit to your business would be around £95,117.721 with an income stream in year 5 of £28,638.05.

Potential with a GI Specialist at your current rate of conversion

With a dedicated specialist doubling the number of GI policies sold, over 5 years your earnings would be £190,235.43 with an annual income stream of £57,276.10 in year 5.

Can you afford not to have GI specialist?

Your additional year 5 revenue stream potential could be £28,638.05 and your total additional business revenue over 5 years has the potential to be £95,117.71.

As you can see from the example above, the potential that a GI Specialist income stream can provide to the business is pretty eye-opening, can you really afford not to have a GI Specialist?  Let’s face it, you’ve done the hard work in getting the client sitting in front of you, why would you deny them sound advice on GI and miss out on this additional revenue.


Strengths of a GI Specialist

As highlighted above in the revenue potential of a specialist they could more than pay for themselves. But more than that they can become experts at selling GI and overcoming objections which should lead to a stronger conversion.

A dedicated GI person would have more time to discuss the products in-depth, selling the full benefits of the policy, and matching these to what each client needs. Freeing up other advisers’ time to concentrate on Mortgages and protection.

Introducing a GI Specialist to your business will help to provide a holistic service, making sure clients don’t go elsewhere and aren’t underinsured.

In addition to picking up GI within the business, they would also have time to support with other day-to-day admin tasks.

Weaknesses of not having a GI Specialist

Without a GI Specialist, you will likely continue to undersell GI and those clients that don’t slip through the net won’t get a full financial conversation that they would if there was someone dedicated to discussing GI with them.

With no one dedicated to speaking to your clients about GI, there is potential they will buy a policy online that doesn’t meet their needs. And if it does go wrong and they need to make a claim, who will they turn to for that much-needed support and advice?

Opportunities from having a GI Specialist

The GI Specialist role can be the first level on the financial services ladder career as they already know your business culture and have experience of selling financial products. Therefore, aiding recruitment when the mortgage adviser roles come up within your business.

A GI Specialist can really provide that full customer service experience that is there long after your clients have made the purchase. You could ringfence your book by having the specialist conduct yearly contact with the client which may open other avenues such as life, CIC, or other valuable leads as well as protecting a lifelong relationship with your client.

All this in addition to the consistent revenue stream we’ve previously shown. What could that consistent revenue go towards? Think about the possibilities it could mean for growing your business or other plans you have.

Threats to not having a GI Specialist

With no GI Specialist in place, you risk your Clients leaving a meeting and going online themselves with limited knowledge of what makes a suitable policy for their needs and likely basing their purchase on price alone.

Clients going online introduces another issue when they register their details with the aggregator sites which could lead to cross-selling emails about other cheaper mortgage and life products, ultimately stealing these clients from you.

How we can help – we’re not just a pretty system

Hopefully from what we’ve presented to you above you can truly see the value of a GI Specialist to not only your business but your clients.

But how do you go about implementing such an important asset to your business? Well, that’s where we can help with our dedicated team, we can do the following:

  • Review to gauge the full GI potential within your business
  • Advice on how to best position GI and get the best out of your valuable GI leads
  • Conduct product and sales training to the needs of your staff
  • We have all the tools in our system to maintain, retain and grow your GI business
  • Monitoring against best practice and working with your GI specialist on a 121 basis with your input

Find out more about implementing a GI Specialist and what you and your business can gain. Can you afford not to find out? 


1 Based on a commission of 27.5% and taking into consideration annual attrition. Numbers are taken from the Paymentshield commission calculator in Adviser Hub.

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