In a podcast out last week, Andrew Montlake, managing director of Coreco and chairman of the Association of Mortgage Intermediaries, said there was a problem when 97 per cent of brokers discuss protection but only 36 per cent of customers remember the conversation.
Following on from the new protection challenge launched in November by trade body AMI, panel guest Montlake discusses his preference to hand off the insurance discussion to a specialist.
In the podcast presented by protection adviser Kathryn Knowles, managing director at Cura with a PHD in business, Montlake said overcoming this disconnect can only be done by making sure brokers’ processes are spot on.
“Different people have different approaches – others like to have the protection discussion and the most successful make sure the first thing they talk about is protection, saying I want to talk about how I’m going to keep you in your home.”
He added: “The reality is as a busy mortgage broker, mortgages are hard in terms of the paperwork and managing lots of enquiries and the most important thing for the client is the fact they want that home or property.
“That’s what they’re focused on which makes it so hard for a broker to slow them down and get into a proper explanation of how it works and how they should have it.”
To listen to the debate, click here.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B).
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today and a spent time freelancing for a variety of outlets including The Guardian and Which? Money.