Source Insurance on leveraging adviser expertise to bridge insurance gaps
The following article has been provided by Source Insurance.
As an adviser, you have a unique opportunity to assess, and meet, your clients’ financial needs and you most likely pay for permissions to offer a wide choice of financial services. If you do not discuss all of the relevant financial products, somebody else will step up and fill the gaps. When it comes to home or life insurance, that will most likely be the aggregator, creating an unnecessary risk to your relationship with your clients, and worse, a lost income opportunity.
As mortgage rates settle after a turbulent period, your clients are dealing with a significant increase in the cost-of-living. Many are having to make compromised choices around financial products. For example, it is a sobering thought that 82% of residential properties in the UK are underinsured*. That may be due to a lack of advice leading to them misunderstanding the values involved. Nonetheless, it remains a stark reality that most of your clients are purchasing home and life products without advice - and not through you.
With the advent of Consumer Duty, and the regulatory spotlight starting to shine brighter, advisers have an obligation, and a commercial imperative, to find ways to meet these emerging financial needs of their clients.
Both home and life providers have invested significantly over recent years in offering both technological answers and products to assist with these challenges. One such way is the improved choice in referral models, so you can close the growing protection gap by either continuing to sell products or refer your clients to trusted partners.
At Source, we believe that when you choose to refer, not only is it important that we deliver quality products to your clients, and provide market-leading customer service, but that your client has access to competitive pricing. It takes seconds to produce a home insurance referral, with minimal information required, to instantly provide your clients with competitive online quotes – all part of a client-led journey.
Headache removed, happy clients, good commercial outcomes, meeting your regulatory requirements and finally a way to combat the aggregator. Who said there is no such thing as a win-win?
Close the gap on those missed opportunities and make a referral today.
You can start referring home insurance today by registering for a Source Online account here.
References
*Sandison, E. (2023) Rebuild cost gap still widening, with social care at risk – November 2023, RebuildCostAssessment.com. Available at: https://www.rebuildcostassessment.com/post/rebuild-cost-gap-still-widening-with-social-care-at-risk (Accessed 26 March 2024).
