Affinity business Junction predicts that low consumer confidence means holidays and luxury goods are out and sorting out insurance is in in 2008.
"There are some products that remain a true necessity – such as motor and home insurance," explained Peter Thompson, Junction MD. "Low consumer confidence is in fact likely to benefit some brands, as people seek out ‘safer’, established names."
Cross-selling has already been highlighted by many within the industry as a means to help brokers pull through the 'credit crunch' without compromising on revenue, especially sole traders who do not have the same support structure in place as larger companies will.
“The sector is increasingly competitive, and that’s why it’s imperative that these brands work with providers that offer speed to market," continued Thompson.
"Excellent customer service is also essential, as a bad experience will impact on the wider brand perception - and not just within insurance."
