"While advisers really see the value in discussing GI, it remains clear that, for some, having those conversations hasn’t yet turned into habit."
- Emma Green, Paymentshield’s Director of Distribution
This is based on new findings from Paymentshield’s annual Adviser Survey, conducted in June 2022 with 331 advisers. The survey also revealed that nearly 3 in 5 advisors (57%) still sometimes miss opportunities to sell GI and that 33% are anticipating that the rising interest rates will have a big impact on their ability to write mortgages over the next 12 months.
Remortgages represent a big area of missed opportunity, with 1 in 5 advisers (21%) not discussing GI with remortgage clients at all.
Currently, the ability to get a quick and accurate quote is one of the most important tools when selling GI. As a result, the Quick Quote tool was ranked as the most frequently used feature within Paymentshield’s Adviser Hub platform, and out of all of the tools available, almost one in three (31%) rated Quick Quote as the most useful – the highest share of the vote.
Commenting on the results of the survey, Paymentshield’s Director of Distribution Emma Green has said:
“While advisers really see the value in discussing GI, it remains clear that, for some, having those conversations hasn’t yet turned into habit. But the potential impact of rising interest and inflation over the next year – which we know advisers are worried about – makes these conversations all the more important as a means of supplementing advisers’ income. As an example, if an adviser sells just five GI policies per month over a period of five years, on average that’s worth almost £50,000 in commission.
"We’ve worked hard to develop a really intelligent Quick Quote tool to make it even quicker and easier for advisers to provide a home insurance quote without compromising on accuracy, and it’s good to see advisers really value that. Looking ahead to our 2023 Adviser Survey, we want to see the year-on-year trend for a decline in our “missed opportunity” statistic continue.”
