A mortgage broker sitting in front of a client obtaining a mortgage is nearly always faced with the challenge of time.

Not only might the adviser feel like they do not have the time to sufficiently discuss options with a client, but consumers sometimes feel that way too. In a market that is moving quickly and in which insurance is seen as a subsidiary product, consumers may view receiving advice as time consuming and as an added expense, something that was revealed in the 2024 Association of Mortgage Intermediaries (AMI) Protection Viewpoint report.

This might result in less enthusiasm when discussing protection and potentially lower client engagement.

Speeding up the process of delivering a quote to the customer is therefore imperative, but – crucially – innovation in this area should be designed around the needs of the users.

One way that advisers can create more time for themselves when it comes to insurance is by leaning into referral technology, which enables clients to be given advice from a third party. Effective technology in this space ensures clients receive a positive experience and continuity of service.

A third party can complete the insurance sale quickly and easily whilst maximising the chance of winning business on the adviser’s behalf. For example, by enabling the client to easily select what date and time they’d like the call to take place, the client is ready and prepared for the discussion, making it more likely to be a success.

Paymentshield’s Refer and Protect technology stands out from other referral propositions in two ways. Firstly, it allows for a client-by-client approach, meaning advisers can advise the client themselves or refer them to Paymentshield, depending on the client and how much time the adviser has available to spend with them.

Secondly, Paymentshield has focused heavily on ensuring its technology complements a client’s relationship with their adviser rather than undermining or detracting from it. Advisers can see exactly what’s occurring throughout their client’s journey, ensuring full transparency so that they can intervene and support the process at any point, should they wish.

Paymentshield recently introduced a suite of analytical tools to provide insights into the performance of its digital platforms. These include Microsoft Clarity and User Zoom, which together have led to the creation of a roadmap of improvements aimed at upgrading usability and accessibility.

Monitoring and fixing even small issues have helped to create a more intuitive, efficient, and enjoyable experience for advisers.

In addition, access to tracking data and performance monitoring is also crucial for advisers. Tools like Paymentshield’s Adviser Hub can provide valuable insights, as its dashboard allows advisers to monitor their general insurance performance in real time and use this to support business growth.

The platform displays an adviser’s live policies and tracks key performance indicators, such as conversion, retention, and earnings. It also provides detailed information on an adviser’s general insurance book, showing data such as average premiums and the penetration of optional extras.

The data can also be used for business strategy and planning, giving advisers insights into their performance, offering reassurance where things are going well, whilst also highlighting where there might be opportunities for improvement.

Advisers can face challenges in improving their conversion rates, especially if dealing with a client who may not understand the value of insurance. However, once an adviser succeeds in engaging a client in a meaningful conversation, it becomes crucial to maximise that opportunity by using the tools that are available to them, alongside the value of their own advice.

This is why Paymentshield has focused on the user experience across its core quote journeys. Carefully thought-out designs speed up processes for advisers and optimise sales opportunities without curtailing quotability just for the sake of being fast.

Once an adviser obtains a quote, the price can be easily customised in real time to help the adviser tailor the policy and price to the client’s needs and budget.

These are just some examples of how Paymentshield is regularly assessing technology to drive towards a seamless and intuitive experience for all users. This requires constant testing, learning and developing of Paymentshield’s suite of tools.

Indeed, by continually evolving its technology, Paymentshield empowers advisers to conduct business efficiently and ensure their clients are properly protected, whilst allowing them more time for wider conversations about their clients’ needs.