General insurance provider, Berkeley Alexander, has seen record numbers for mortgage intermediaries and IFAs introducing GI business in December and January 2021.
Figures were up 31% compared to the same period last year. Introducing GI business means that intermediaries retain the client relationship but refer the case to the GI provider, rather than the broker quoting policies themselves directly.
Mark Hutchings, managing director at Berkeley Alexander, said: “These high volumes for Introduced business are unusual and it is great to see brokers taking up the insurance opportunities and not letting them slip by.
“It’s an interesting trend and one we think highlights two important themes: not only does it reflect how brokers are incredibly busy with unusually high-volume core mortgage business that they simply don’t have the time to manage the GI application process, but more importantly they are clearly still seeing the importance of having GI in place and choosing to introduce the business rather than letting customers down and fuelling a protection gap.”
“We’ve kept a close eye on evolving client demands during this pandemic.
“Our staff are multi-skilled, so we’re able to service both introduced and advisor led sales – something we believe is going to be increasingly important in future. Particularly in a hard insurance market, client service teams need to be agile and adaptable post-COVID.”