Of the 200 intermediaries questioned, 43 per cent said they used a manual database research system to snag repeat business, while 22.8 per cent do not use anything at all.
Commenting on the findings Matt Grayson, head of PR at BM Solutions, said: “As regulation has bedded down, brokers have a massive opportunity to utilise online developments to acquire and retain clients. Making the most of online services doesn’t have to cost a fortune and it can make brokers lives easier.”
The survey also asked intermediaries what kind of online presence they employ to encourage new business. It found that 53 per cent of respondents to the survey owned a company website, while 20 per cent had a presence in online directories. Only 13 per cent used key words registered with search engines and less than 5 per cent used adverts on other company websites.
When asked how much business was secured through online sources, only 37 per cent of respondents receive up to 20 per cent of new business from online sources. Less than 6 per cent secured over 20 per cent of new business from online sources.
Grayson added: “The findings suggest intermediaries are not using online developments enough to attract and secure new business. It is definitely an area worth looking at.”
Peter Wright, financial adviser at CBK, said: “I think there are still a lot of intermediaries out there who need to embrace technology and the benefits it can bring to their business. However, while I think an online presence is important, I believe securing business this way is not as important as face-to-face advice.”
