Homeowners and landlords alike are becoming more adventurous with their own developments and renovations, meaning an increasing number of insurance queries are falling out of what is deemed to be the ‘standard’.
There is also disparity between how advisers perceive the landscape to be, what the reality is, and how they can actually serve these insurance risks.
With the current technological capabilities of price comparison websites, there is an increasing volume of property risks that can’t be protected instantly via an online search for insurance, such as unoccupied properties, holiday homes, and different methods of construction.
Then, for landlords, with a massive 85 per cent of private rental properties in the UK being part of a portfolio, these clients are seeking ways to reduce their insurance spend and consolidate policies, meaning opportunities for advisers to support with property portfolio insurance are growing too.
Technological capabilities
Advanced intermediary technology far exceeds what is available directly to the consumer. These are all client needs that can be served by advisers who can provide valuable cover for multiple properties, non-standard, commercial lets, and blocks of flats.
The same basic principles behind generating quotes for clients apply and, fortunately, the sufficient intermediary technology now exists. That means, with simple training, advisers can have both the confidence and know-how to operate in these spaces.
Traditionally these journeys have been very time-consuming, but by integrating them into an insurer’s search platform advisers are able to apply in as little as 90 seconds with simplified, intuitive quote journeys.
The housing and property market won’t stand still, and the tech that supports the insurance industry will need to constantly evolve with it to ensure it keeps up with the times. The new Airbnb may be just around the corner and by easily expanding areas of expertise, firms from across the UK have the very real opportunity to expand their income streams as client needs continue to change.
Those that do make this small leap into the new give their businesses opportunity for growth and longevity in what is an ever-changing market.
