Growing your customer base and getting more from clients often means building your business. Doing all three efficiently means growing profits.
This is not news to anyone who takes business seriously. Yet many brokers still fail to capitalise on the opportunities presented by associated protection and general insurance sales. Efficiency in a business includes breaking down barriers. This starts with the question: ‘What’s stopping me achieving my goals?”
The main reason? Attitude. As a broker, how often do we blame others for our failings? Excuses include: ‘The client couldn’t cope with me dealing with their critical illness cover as well as the mortgage’, ‘It’d take too long to get through underwriting’, ‘I haven’t got the experience’, ‘It’s not worth it”.
The answers are simple. Make the application process straightforward. Understand underwriting requirements and answer as many questions as possible before submitting applications. Get the qualifications or build a link with someone who has them.
It is worth it. For an adviser selling one household policy and one mortgage payment protection policy a week at an average annual premium of £300 per annum, the commission earnings after five years could be around £38,000 a year.
Solutions depend on one key question: are you a broker or a businessperson?
