Less is more when brokers sell cover

22 March 2010

The green shoots of recovery appear to have been stunted by another cold economic spell, and as mortgage approvals and gross lending fall it seems the recession is not over as some would have us believe.

With money tight, clients are staying home with takeaways and watching films on the box to save cash. Price is paramount when it comes to taking out new financial products and this will be the case throughout 2010.

Never has it been more important to be flexible and creative when it comes to income generation. Brokers are starting to use business-to-business websites that offer the flexibility to increase excesses or sacrifice commission to cut premiums and win business.

Although they may have to rebate some commission they can develop client relationships and more often than not generate additional commission that would not have been possible if they had not been prepared to give a little to earn a lot.

By letting customers go elsewhere for their financial products you are effectively giving away your client bank. The clients you worked hard to cultivate will end up in high street banks buying direct products, or on the internet where their data will be captured and potentially sold back to you.

It is a well-known fact that the more products you sell to individuals the more loyalty they show you. So why not join the increasing number of brokers who can see the benefits of flexible insurance offerings and recognise that less really is more?

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