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During 2020 we talked to brokers / advisers about the need to ‘ think ahead ’ and ‘ future proof ’ their business , especially as COVID-19 has shown us that we never know what is around the corner .
Many are now working with us using our free business consultation service to develop the sale of general insurance alongside traditional mortgage and protection products .
Many of you continue to be successful with the sale of home insurance alongside mortgages , it ’ s a nice fit but in 2021 how about branching out a little .
You have the base of clients allowing you to also look after their landlords , commercial , high net worth and any other relevant insurances . At Genius we can help with most enquiries .
So , as we go into 2021 , we felt it would be an opportune moment to provide you with one alternative insurance market to look at and one top tip to help improve your GI success .
Portfolio insurance
Probably all of you reading this will be involved to some degree with arranging Buy-to-Let mortgages . This provides you with a great opportunity to arrange your client ’ s landlord insurance but don ’ t just focus on arranging that single property cover . Many of your clients are likely to have a portfolio of properties so , don ’ t just focus on the single property , obtain the renewal date ( s ) of their current policy ( s ) and arrange to speak with them 4-6 weeks in advance of that renewal with the offer of a full review of their insurance cover . At that point , speak to a provider who can access portfolio insurance coverage .
Not only does it provide you with a brilliant GI opportunity , alongside another reason to speak to your client during the year , but also keeps everything simple for your client . Rather than numerous single property policies across a number of providers with different cover , a different claims contact and different renewal dates , they get one policy wording ; one renewal date ; one direct debit facility and the ability to add / remove properties whenever they need to . Portfolio policies can also cover the standard and non-standard under one policy , including commercial , semi-commercial or blocks of flats .
Simplify theirs and your life at the same time .
Top GI tip
Every GI provider out there will tend to say the best time to start the quote process for your client ’ s insurance needs on a mortgage enquiry is at the point of the mortgage offer . We are no different and that is the process many of you take , running the quotes through your selected provider portal , storing in readiness for that point of property exchange . You have it all in hand .
It is no different for non-standard risks , commercial or high net worth / high value properties or where the GI provider portal says ‘ not one for us ’. You should always start the ball rolling at the mortgage offer stage . The importance of this is even greater for these risk types . They will generally be the kind of insurance cover / risk that need an underwriter to review and consider and that can take time with relevant information gathering . Don ’ t leave it until the day before exchange before engaging with your provider as they need the time to work with underwriters to obtain your client the right cover and right deal . Don ’ t leave you and your client with a headache and in a bit of a panic day before exchange .
GI consultation ?
Working closely with you , we undertake a detailed review of your business , looking at current mortgage / protection / insurance volumes , your mix of business in each area , client profiles , local community contacts , how you network , your current GI marketing , what has worked well / not so well with GI before and much more . This free consultation is designed to find the best GI route for you and your business .
From that initial consultation we will help you create a strategy on how we see GI being a successful part of your business , working with you to evolve that plan all the way through to implementation , then continuing the support to adapt and evolve the plan to ensure long term success .
If you would like to know more about our consultative GI approach , please speak to our agency team on 01273 407775 today to find out more .
Have a great 2021 – from the team at Genius GI – www . geniusgi . co . uk