The signs that recovery was on its way look likely to fade away following the sadly unavoidable public spending cuts that are likely to have a knock on effect onto the private sector. So, with Mortgage Income likely to remain unpredictable how do you help maintain your business stability?
Paymentshield GI business can provide you with a steady income stream with just 10 cases a month earning you in the region of £140,000 over 5 years.
Why Sell GI?
If you're not already selling GI, not only are you missing out on a valuable revenue stream but you may also lose your clients to the competition that do!
Developing a book of Buildings & Contents Insurance and ASU Cover is therefore not only a great way to embed value in your business but can also help develop client relationships enabling you to offer them additional services, now or in the future.
How to Sell GI
With increased competition from the direct providers and online comparison sites, clients need to be sold the value of your advice.
With clients not initially seeing the benefits of seeking financial advice on their insurance many people these days end up searching online for the 'cheapest' cover not realising that Home Insurance isn't all the same and 'bargain' insurance doesn't always provide the cover they need.
This is where intermediaries need to start changing perceptions in order to better protect their clients' whilst also protecting their business with recurring revenue stream from GI.
You see, price comparison websites can't give your clients the same personalised service you can. They can't take into consideration particular circumstances, advise if there are any particular exclusions the client should be aware of or confirm that the cover they've chosen meets their specific requirements.
Product Knowledge
Of course you also need the knowledge to be able to sell the benefits of a Paymentshield Buildings & Contents or MPPI policy to your clients and Paymentshield's broker toolkit is designed to help you do just that. The pack, which is available online or on request from your regional BDM or telephone account manager, contains information on the cover levels provided by Paymentshield products, FAQs, examples of the sales process and tools to help you develop campaigns to cross sell GI to your existing client bank. The online version of the toolkit can be found on the Paymentshield website www.paymentshield.co.uk/toolkit.
If you're still held back by the fear of the unknown then speak to your local Paymentshield BDM who will be happy to talk through our products with you.
Price Matching
Realistically, with intermediary commission included as part of the customer's premium price it is unlikely that you will be able to compete with the likes of direct line and Tesco all of the time, however why not explain to your customers that although they may be able to get a cheaper quote elsewhere can they be sure that the policy meets thier needs. Ask them to put a price on your advice and their peace of mind.
To make things easier for you however Paymentshield have extended our Price Match offer to the end of the year, meaning that if Paymentshield's BestQuote pricing doesn't already beat the price your client is currently paying elsewhere, for eligible clients we'll reduce our premium by up to £85 to not only match what they're paying else where but beat their current price by £1 per month. Find out more about Price Match and read the full terms and conditions on our website www.paymentshield.co.uk/pricematch.
More opportunities
Don't forget business opportunities outside of mainstream household insurance and MPPI sales where clients might find it less easy to arrange cover directly such as BTL portfolios, non standard and commercial properties.
Remember if you have any questions about getting started selling GI or how to increase your GI sales contact your regional BDM or Intermediary Sales Team. If you're unsure about who provides the support in your area you can find out in the intermediary section of the Paymentshield website www.paymentshield.co.uk or by calling 08450 615 700.