The hub which brings together quote technology, customer management tools, rich data and a new referral option, has also delivered a significantly improved adviser experience via a series of upgrades earlier this year, which was designed to improve its quotation capabilities and the user interface experience.
The changes made it faster and easier for advisers to provide a home insurance quote, with the number of questions to get to the quote stage being reduced from 49 down to 18.
Questions that have nominal effect on price and quotability, such as the number of windows or door locks on a customer’s property, have been cut out.
The quote process has been expedited more as Paymentshield has sourced key additional property data from global data provider LexisNexis Risk Solutions, which automatically populate information such as property type and build year.
Clients can now receive a quote in a matter of seconds in what is a lightening quick turnaround.
Positive feedback
The reaction from advisers has highlighted the positive impact that the new quote journey has had on their operations. Nearly two thirds of the 500 advisers asked in Paymentshield’s recent Adviser Survey, said that the new journey has made significant improvements.
A further 42 per cent said it’s made them more likely to offer their clients a home insurance quote. Overall, the use of Paymentshield’s Adviser Hub has increased by over 200 per cent this year, mainly due to advisers logging in to use the new quote journey.
One of those advisers Chris Ainsworth, a financial adviser at Nicola Mitchell Mortgages & Protection, i said: “Previously, I had stayed away from GI as I felt it was too time-consuming, but now after trying the new upgraded quote system, it is significantly better. It offers a much easier and smoother journey with a reduced number of fields to be populated. I have now made a conscious effort to include GI in conversations with clients due to these system changes.”
Louise Pengelly, the proposition director at Paymentshield, noted: “Adviser Hub has offered advisers significant benefits since launch and we’ve continued to innovate since then to provide further improvements based on changing market needs and user feedback. Our recent tech enhancements, which also include the launch of our referral option, have had a focus on making it easier for advisers to offer general insurance to each and every one of their clients, even with the challenges of today’s market.”
“They also help advisers to access insight on how their GI business is performing. We’ll continue to focus on striking the balance between speed and accuracy in our quote journey, giving advisers the support they need to effectively offer GI to their clients, and providing that all-encompassing level of service that Consumer Duty expects.”
