Paymentshield has published a white paper which reveals why mortgage advisers should be broaching the conversation of general insurance (GI) with their clients.
The GI provider found that some advisers are neglecting to advise clients on GI for a range of reasons, such as being held back by a lack of confidence on the products or simply not considering it a business priority.
The white paper, Why It’s Good To Talk GI, identifies that the increasing confidence of consumers in researching and purchasing insurance themselves is another key driver of adviser apathy when it comes to discussing GI with their clients. This has led to a concerning over-dependency by customers on price comparison sites, which often focus on price rather than product benefits.
James Watson (pictured), Paymentshield’s sales and marketing director, said: “Over recent years, some mortgage advisers seem to have relinquished their role to price comparison sites. Of course, the internet can be extremely useful when researching products and providers, but without the intervention of financial advisers, customers can easily end up buying insurance that doesn’t meet their needs.
“What’s more, advisers can no longer rely on the customer approaching them for a home insurance quote – a little pro-activity is required.”
The provider believes that the failure of mortgage advisers to provide timely advice on GI is not only potentially leaving clients at risk but costing advisers a valuable recurring income stream.
Watson added: “When it comes to those advisers lacking confidence in policies and how to sell them, there’s a huge amount of support and training available and providers are working hard to make the process as simple as possible for intermediaries.
“We’re supporting you in supporting your clients, so there really is no excuse not to talk GI and reap the financial rewards as a result of doing so.”
The research has been launched as part of the company’s ‘Bring Back the Conversation’ campaign, which focuses on the importance of mortgage advisers having regular conversations with their clients and providing crucial insight on GI products. investment.
To view the full white paper visit www.paymentshieldadvisers.co.uk/toolkit.