According to a poll by Alliance and Leicester, 41% of brokers said they would not expand offerings to include products other than mortgages. This is despite almost half of them being regulated to sell insurance products in reaction to the declining mortgage market last year.
Scott Fynn, head of marketing, said: “With the financial market still straining to reach the light at the end of the recession tunnel, many brokers are struggling to increase their sales and commission and get their income back to what it used to be. So it’s difficult to understand why these brokers are not making the most of every opportunity available to them. The earning potential with general insurance is huge, but it’s also beneficial for retaining customers. By not offering your customer everything they need alongside a mortgage, you’re forcing them to look elsewhere – and when they find a price comparison site or bank who’s willing to offer them the full package, it’s likely that you’ve just lost their business for good!”