General insurance (GI) provider Paymentshield has created a dedicated support network in response to what it sees as a rise in the creation of GI specialists.
Paymentshield’s own research shows that mortgage advice firms are increasingly recognising the importance of the GI specialist position. In Paymentshield’s most recent Adviser Survey, conducted with over 500 advisers, 27% of advisers said they already had a GI specialist in their firm, and a further 10% said they planned to employ one at the time of asking.
The new support network aims to equip GI specialists – who, in most cases, are solely responsible for discussing home insurance with customers – with what Paymentshield says is the expertise and confidence they need to operate successfully and generate the best possible outcomes for their clients.
It will be open to both existing GI specialists (non-mortgage advisers) and individuals looking to upskill to occupy that role. It will give them the opportunity to learn from and share best practice with their peers in what can typically be a singular role.
This community will come together for the first time in February, with a series of in-person GI specialist events. Further events are planned to run throughout the year with both in-person and online sessions planned. The full list of events for the first half of 2024 can be found here for the North, the Midlands and the South.
The events will be shaped by the real scenarios GI specialists are facing. For example, members will be invited in advance to share common “blockers” to GI business and how they’re handling them, as well as any new initiatives they’ve introduced or success stories from within the business. There will also be a focus on how to maximise opportunities with back book clients.
In addition to these events, members of this community – which is free to join – will have access to a private LinkedIn group, and ongoing tailored support from the Paymentshield sales team.
Paymentshield hopes that the network may encourage more adviser firms to create a GI specialist role, with this community able to provide the necessary training and support to upskill an admin person, for example. Alternatively, where a GI specialist is already in place, participating in the community can help to maximise the investment into that role.
Emma Green (pictured), director of distribution at Paymentshield, said: “We have a long history of providing training and support to the mortgage adviser community and it’s something we’re really proud of. This year, we’re building on that by creating something bespoke for GI specialists, who are handling GI outside of the mortgage process.
“Typically, there will only be one GI specialist per firm, so they don’t often have the chance to share best practice and discuss challenges and opportunities. We hope to change that, and in doing so, help bring in more GI business for firms. We know that almost 60% of advisers miss opportunities to sell GI – having a GI specialist is a really good way to build in that consistency and dedication.
“Of course, we’ll continue to provide GI support for mortgage advisers selling it themselves, with a webinar series lined up for this year and more resources built into our online GI Academy.”