FR: Do you think that brokers could do more when it comes to offering home insurance products?
Yes. Home insurance penetration against mortgage completion is very poor. There is no excuse for this, particularly for mortgage brokers where buildings insurance is a condition of mortgage offer.
However, there is hope. There are a number of brokers who are providing holistic advice to their customers, leaving no advice gaps. These elite advisers maximise their income per household by ensuring every customer need is met. Throughout 2016 I want the Uinsure team to successfully encourage, educate and influence brokers to become elite.
FR: Do you see comparison websites as a growing threat to advisers?
They are obviously a threat however I think there is plenty of opportunity for brokers to fight back. The last thematic review revealed that many consumers had not purchased the policies they thought they were getting. Often criteria was not fit for purpose due to misunderstanding or misrepresentation by the sites. Usually it was not until point of claim that issues became evident and consumers exposed. I am passionate about consumer advice as financial advisers can always tailor solutions to match consumer needs - they are able to consistently ensure that consumers get products of quality and at competitive pricing.
FR: Uinsure won the Financial Reporter ‘GI Provider of the Year’ in 2015 - what was the key to your success?
To put it simply, we listened to our brokers and we responded with meaningful change driven by this feedback. This included launching new products and system enhancements plus the introduction of point of sale support.
We have an experienced Uinsure sales team who ask effective questions and who embrace the responsibility which comes from gathering this qualified information. Our CEO Simon Taylor is certainly the best in the market at delivering change which has an identified benefit.
All this change is focused on satisfying three stakeholders: the intermediary, the consumer and the insurer. A perfect example of how this can work at its best was when we delivered our point of sale Defaqto tool. The Defaqto Compare tool sees intermediaries gain much needed confidence by having over 300 independent policies to compare. Consumers benefit as intermediaries can comprehensively explain features and benefits in a very simple way so policies are better understood. Insurers benefit as those customers requiring 5-Star cover are matched effectively.
FR: How do you see the market changing over the next 12 months?
There has been misplaced optimism most years since the 2008 market crash but 2016 will be different and intermediaries will finally be able to get their income levels back to pre-crash amounts. Q1 will see a surge in buy-to-let business as consumers attempt to complete their purchases prior to stamp duty increases. Q2 will see new lenders enter the marketplace, increasing available funding and overall price/criteria competitiveness landscape. Q3 will see challenger banks revise strategies to include intermediary support at increased levels. They simply cannot ignore the intermediary marketplace if they want to be successful.
Q4 will see established banks/lenders like HSBC, increase funding to achieve end of year targets and generate increased momentum required to enter 2017. By the end of 2016 I expect Uinsure to have successfully changed the behaviour of an increasing number of UK intermediaries so home insurance becomes a core product they promote. Home insurance penetration against mortgages will have increased.
FR: If you weren’t in financial services, what would you be doing?
Some people may be aware I am a failed professional footballer so probably something connected to the sport. I did my FA coaching badges and spent some time coaching in America before my first financial services job came about so probably something coaching/scouting related or even an ethical football agent - now that would be a first.
