Paymentshield launches new GI referral option for advisers

The new referral service is now live across Paymentshield’s adviser network.

Related topics:  Protection,  general insurance
Rozi Jones
7th August 2023
New insurance hire
"With the Consumer Duty now in effect, it is vital that all advisers continue delivering comprehensive solutions and not walking past clients’ needs for GI and pure protection."

Paymentshield has launched a new quote referral option for advisers. This solution will enable advisers to refer customers to Paymentshield’s in-house team if they don’t have time to offer advice themselves, while retaining full oversight of the sale. It also enables Paymentshield to offer a fully-regulated solution to firms in the mortgage distribution market that are not regulated by the FCA to sell GI products.

Paymentshield’s service will integrate all referrals into the digital 'Adviser Hub Dashboard', giving advisers full transparency on every lead and customer interaction. This means that whether the adviser is offering the advice themselves, referring it to Paymentshield or doing a mix of both, they’ll be able to track their GI business in one place.

The interface also enables advisers to see actions that have been recorded against each lead, including current status, contact history, next steps, and at-a-glance data graphics showing overall referral conversion rates.

This referral service is now live across Paymentshield’s adviser network. So far, initial trials with The Openwork Partnership and Home Loan Partnership firms have had an average quote to sale conversation rate of 65%.

Commenting on the launch, Paul Shearman, proposition director at The Openwork Partnership, has said:

“The introduction of Paymentshield’s new referral model is very timely and provides a great solution for those advisers who prefer to engage a GI specialist to support their clients, but don’t have the resource within their own business. It is early days, but the initial trial results are really encouraging.”

Emma Green, distribution director at Paymentshield, added:

“We believe that the best way to buy insurance is by getting advice, but given the challenges in the current market, with advisers having to work harder than ever, we recognise that they might miss opportunities to offer GI advice. So, we’ve developed an innovative solution to support them – in turn ensuring their customers are still getting the best possible outcome, and that advisers can still develop a valuable income stream from GI."

Green continued: "We’ve worked hard to develop the tech that underpins this new offering, making the process completely transparent for advisers so they can instantly see how the lead has progressed. Our new digital dashboard presents all the data in a really clear format, and we’ve had really positive feedback from partners who have already used it."

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