TMA figures show total sales of GI increased by 11% in the first quarter of 2011 with just under three quarters of this increase driven by referrals through TMA.
Phil Whitehouse, head of TMA, said: “These are interesting figures. The increase in GI sales is not a huge one but what is relevant is that more members appear to be making the decision to refer GI enquiries rather than source and place the deals themselves.”
Whitehouse said lack of time and the burden of regulation may be putting brokers off, including the required `Statement of Needs` and `IDD` which needs to be offered directly to customers.
“What is clear is that the GI market remains full of potential and whichever avenue they take intermediaries should ensure clients are getting the right amount of cover from the best available deal whilst opening up a valuable extra income stream for themselves,” said Whitehouse.
