Keep them secure – When times are tough, it can be easy for clients to think scrapping home insurance offers a quick way to cut outgoings. Make sure your clients are aware of the perils of underinsurance and no insurance.
Don’t disregard OAPs – No I don’t mean the elderly! Don’t be afraid to discuss Optional Additional Protections (such as legal expenses cover, accidental damage or even frozen food cover).
Be fair – In the age of fair representation, the onus is on you to ask questions, keep on top of changing needs and ensure clients never have a claim declined because they failed to disclose material information.
Keep a roof over their heads – Tackle any reticence about ASU and mortgage protection – speak to your clients about their income, savings and debts; how long could they realistically survive if they were to lose their job?
Shop around – With around 25% of homeowners wasting money by not shopping around, renewals offer you a great opportunity to prove your worth.
Right cover, right price – Cheapest does not always mean best. Explain that a little extra premium can sometimes cost less than the consequences of not being insured properly.
Five-star service – Whilst price is a vital component, top quality service doesn’t mean rushing to deliver five-star rated products. Do they really need the bells and whistles, or could cover provided under 3/4 star products deliver just what they need?
Embrace ‘soft’ credit checks – It can reduce premiums, opens up a wider product range and delivers a more accurate level of cover – and on home insurance it doesn’t affect a client’s credit rating.
Get ahead of SMI – With further changes planned to Support for Mortgage Interest in 2018, speak to your more vulnerable clients now, give them advice on MPPI and other products to help limit their reliance on this welfare safety net should the worst happen.
Make sure your GI provider measures up – Their performance has a direct impact on your business. Conduct some due diligence on the administration, regulation and financial stability of their products.