Whether it’s a first-time buyer, property purchase, product transfer or a remortgage, including a GI (general insurance) review in your process is crucial when thinking about good customer outcomes.
Whilst they may have home insurance already, do they have the correct cover and when was the last time they reviewed that cover? They may have found a cheaper quote on a comparison site and not had the benefit of advice from you, the adviser. But as you know, the cheapest option may not always be the best and most suitable option, potentially leaving your client without sufficient cover and risking a claim not being paid out should they need it.
The insurance market in the UK is one that is ripe with opportunity, and you shouldn’t miss out on a chance to get involved. The home insurance market alone was expected to reach £4.2 billion last year, and one of the noteworthy facets of this fact is that 75% of buyers were expected to shop around before committing to a policy. This means the opportunity is there for reaching out to your client bank and kicking off conversations around GI, however there’s still plenty to consider in order to ensure your conversations are value-filled for both your and your customers. Find out more below…
Things to consider when discussing GI:
- Ensure you discuss GI at the outset and talk about GI with every client.
- Make it part of your process and quote or refer on every opportunity.
- Give examples and case studies to highlight the value of the policy and provide confidence in providers’ claim stats.
- As the adviser, it’s your duty of care to support good customer outcomes.
- Buildings cover is compulsory with every mortgage, be the one that sets it up for your client.
- Build a new and recurring income stream within your business.
- Don’t want to advise? Refer to one of our 3 referral partners.
Refer GI cases to a specialist
If advising on GI isn’t something you want to do or you simply don’t have the time to do so, then why not refer it on and still earn? TMA now have 3 partners for you to use so in all circumstances you are still protecting and supporting your client’s needs. This is also a remarkably simple way for your firm to build an additional income stream and earn on the lifetime of the policy.
For further support on building general insurance into your advice process get in contact with our Broker Support Team on 0330 303 0236 or click through to the GI resource centre to view what kind of support options you have available to you.
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