"In the future, meaningful data integrations will also offer so much more beyond the quote and purchase of GI"
We spoke to Jen Pomfret, head of digital at Paymentshield, about how the GI provider is developing technology to help advisers establish stronger connections with their clients.
FR: How has Paymentshield developed its technology to benefit advisers?
We have been incredibly busy enhancing our one-of-a-kind platform, Adviser Hub, so that it provides advisers with everything they need to have more effective conversations about GI with their clients.
Adviser Hub features the industry’s first MI Performance Dashboard, which connects advisers with real-time sales and performance information, including quote conversion, retention and renewal data that means advisers have all of the information they need in one place.
We have also redesigned quote journeys to make it easier and faster to complete a full quote and launched a Quick Quote facility, which provides an easy way for an adviser to introduce a conversation about GI.
A key element of our strategy has been to develop leading-edge API capability to enable the effortless sharing of information.
FR: What is an API and why are APIs important for advisers?
An API basically makes it easier to connect one programme or platform to another, so that information can be shared more easily between the two and the APIs that we have launched will enable any business to seamlessly and flexibly integrate general insurance into their advice process in the way that best suits their sales journey.
These integrations will use pre-captured client information to effortlessly generate a quote for general insurance, without sacrificing the quality of cover or compromising on price.
We have actually utilised API technology for a number of years, but this latest development creates a step-change in the number and type of integrations possible between Paymentshield’s unique Adviser Hub and third-party systems such as network platforms, sourcing tools and CRMs.
FR: How can more connected technology help advisers to build stronger connections with their clients?
Having important information easily to hand enables advisers to spend more time engaging with their clients, increasing their understanding of a client’s circumstances and consequently developing stronger connections.
But this is just a starting point and, in the future, meaningful data integrations will also offer so much more beyond the quote and purchase of GI – they will be able to deliver an enhanced customer experience when the policy is in place, and this will help advisers with retention and referrals.
For example, the data already exists to warn of a spree of break-ins at a postcode level, or of a severe storm that might hit a particular part of the country. Insurers have access to this information as they use it for their own risk decisions. But, in a more connected world, a sophisticated platform could use this information to create personalised, automated alerts for clients – enabling them to prepare for the potential risk. This process could operate via direct communication with the customer or, by involving the adviser, which will enable more frequent and more valuable touchpoints between renewals, which will encourage stronger, more beneficial client connections.
FR: What further technology developments can we expect in the next 12 months?
In the coming weeks, we will be further enhancing our Quick Quote technology to incorporate more accurate information from a third-party provider, and also provide instant calculations on optional extras that a client may want to include as part of their cover.
Looking ahead, we will continue to develop Adviser Hub to focus on the experience we provide advisers and the experience they are able to offer to their clients. With this as our guide, and access to cutting edge technology, we will continue to develop systems and tools that enable advisers to develop stronger connections with their clients.
With any new developments, we will continue our ethos of flexibility and customisation. We won’t just impose a piece of technology on advisers – we will make it available to them to incorporate into their processes in the way that best suits their business.
FR: If you could see one headline about financial services in 2020, what would it be?
It would have to be “Adviser Hub empowers advisers to provide GI quotes on 100% of their cases”.