Interestingly 81 percent of advisors would prefer to use an online quotation system for GI sales rather than an introductory service. This highlights that they still want to be able to control the process, provide the quote, close the sale and more importantly keep the client relationship close to them.
Commenting on the research, Geoff Hall, Managing Director of Berkeley Alexander, said:
“The advisor’s role is changing. With the mortgage market still depressed and more cases than ever being written directly with lenders, advisors can no longer rely on mortgage sales alone to provide the level of income they need. This year’s Mortgage Broker Expos in Manchester and more recently in London, showed just how diverse the market has now become with GI products taking a prominent role in the advisor’s portfolio of services.”
The survey results also highlighted that in addition to competitive premiums, which ranked as the most important concern (90 percent), advisors want their GI partner to provide them with choice in terms of both range of products (78 percent) and range of insurers (82 percent). Access to a range of products and insurers will improve an advisor’s competitive edge and demonstrate that they have carried out significant research before advising on a purchase.
“The results of our research demonstrate that by investing in updating our back office systems and building a comprehensive online Quote and Buy service Berkeley Alexander is giving advisors what they want,” continues Geoff. “75 percent of respondents expressed a desire for a quote system to deliver six or more products. As a result we have increased our product range and now have 13 products from a range of leading insurers. In addition, our panel management approach gives advisors instant access to the most up to date management information in terms of premium competitiveness, cover levels and choice, administrative capability, claims experience and financial stability, and therefore a greater degree of ownership over the process.”
