Paradigm Mortgage Services has seen a noticeable rise in the amount of general insurance cases it has placed through Select & Protect (S&P) in the first months of 2013.
The mortgage services proposition argues the upturn – which equates to a 700% rise in the first five months of this year compared to the final five months of 2012 – is evidence not just of an increase of its own presence in the protection space, but indicative of a wider trend of brokers looking to diversify their income streams in the post-RDR landscape.
Paradigm has long advocated advisers widen their product offering and offers firms a referral service in addition to the opportunity to utilise S&P’s products directly. It believes advisory firms can not only improve their bottom lines but ensure their clients are provided with a more comprehensive service.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “We do all we can to make sure our adviser members have the best product and provider choice whether it be in their core business area of mortgages, or complementary sectors such as general insurance. As such, our push into the protection market has been both a proactive and a reactive decision – conscious on our part to encourage brokers who don’t already to diversify, and listening to feedback from brokers who are looking for ways to widen their income streams.
“Diversification has long made sense for a number of reasons, not least providing the customer with a more rounded, holistic experience and developments like the economic crisis and the RDR have simply hastened this move towards advisers becoming more and more of a one-stop financial services shop for their clients.”
Neil Sullivan, sales and marketing director at Select & Protect, added: “We are delighted to be working with Paradigm Mortgage Services to support and assist their push within the protection space. Our strong insurer panel is really helping advisers by allowing them to present established brands with competitive terms.
“We are seeing more and more advisers looking at long-term residual income from general insurance sales post-RDR. Advisers that might have previously turned away from GI are now recognising the value of having these conversations with their customers.
“We have been working with Paradigm and are delighted to have been instrumental in helping to facilitate this growth through our field sales development team who operate across the UK.”