With such fierce competition in the intermediary market, coupled with the overflow of meerkats, operatic singers and other jingle accompanied comparison websites and direct providers, it’s fair to say that a broker’s work is pretty tough. It’s also a fair assumption that in such a competitive industry, retaining existing customers is far easier than gaining new ones to secure that all important mortgage and GI income.
Select & Protect is keen to change this perception and help brokers to see the golden opportunity that a renewal date brings. Not only to retain the customer, but potentially gain additional income as a result.
Scott Fynn, head of marketing for Select & Protect, explained: “An upcoming renewal date gives brokers the perfect excuse to contact their existing customers.
“By being proactive and calling them to review their policy, you can also give them the peace of mind that you’re doing what you can to offer them the best deal, thus reducing the chances of them looking elsewhere.
“And while you’ve got them on the phone is there anything else you can do for them? Have they considered what they would do if they became unemployed? Would they be interested in a free, no obligation quote for Mortgage Payment Protection Insurance? It really is that simple to turn the situation around from potentially losing your customer, to making an additional sale and further increasing your income.”
Fynn continued: “Many customers don’t actually know what exactly their policy covers, which means they may not realise how much cover they’re losing if they opt for a cheaper policy like many of those sold through aggregators. It’s of upmost importance that brokers speak to their customers and offer them up front and honest advice about their policy.”