Need for mortgage advice offers GI opportunity
Mortgage brokers and intermediaries are ideally placed to maximise the revenue potential from selling general insurance products, said specialist general insurance provider, Assurant Intermediary.
Kevin Paterson, sales and marketing director for Assurant Intermediary, said: “According to figures released by TrigoldCrystal last week, broker mortgage products currently outstrip direct-only deals by almost three to one. This not only demonstrates the current strength of the broker market, but also highlights the fact that they are well placed to increase their income through maximising sales of general insurance products to their customers who clearly want advice.”
Paterson acknowledged the fact that the price comparison sites do represent a strong competitor when it comes to personal lines insurance such as motor and travel and increasingly buildings and contents.
However, he said that brokers have an opportunity to position themselves as providers of expert advice and a real alternative to simply trawling through pages of a comparison site.
He added: “Banks may be returning to profitability, but they are still applying incredibly strict criteria on all forms of lending. People clearly need help when it comes to finding and securing the best mortgage for them, and this is driving them to the services of intermediaries who are in a position to give them the support they need.
“There is tremendous potential to become the trusted source of financial advice and intermediaries should capitalise on this through taking every opportunity to extend this advice to all forms of insurance.”