Intermediaries reveal importance of insurance products

Almost half those surveyed said that they offer them to their clients every time they arrange a mortgage while just over a quarter said they regularly use a client referral or introducer service. When asked what the biggest challenge was when it comes to selling general insurance, almost two thirds (61%) cited price comparison websites.

Intermediaries ranked competitive premiums the most important factor when selecting a general insurance provider (84%), followed by quality of cover (72%) and a quick and easy quotation process (62%).

Distribution director, Bruce Reid, said:

“Despite having to cope with extensive new regulation in the midst of an increasingly buoyant marketplace, it appears that intermediaries have risen to the challenge as they always do. It’s really encouraging to see the level of confidence they have about their businesses for 2015 and how integral general insurance is to their overall service offering to their customers.”

In addition, when asked how confident they were about the future of their business, 97% said they were confident and of these, over a third (37%) said they were extremely confident.

Bruce Reid, said:

“We wanted to take the pulse of brokers around the country to find out how they had fared this year, particularly in light of the new regulations surrounding the sale of mortgages, and how selling general insurance products fits in to their daily business. With over half the brokers surveyed telling us that they were arranging more mortgages this year and 60% saying that they often sell second or third mortgages, perhaps it’s not surprising to learn that most are feeling confident about the future of their business.”