GI sales up 11% in Q1
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Total sales of general insurance increased by 11% in Q1 of 2011 among members of The Mortgage Alliance, research from the club shows.
TMA says just under three quarters of this rise has been driven through intermediaries referring business through the club to GI sales specialists.
Phil Whitehouse, head of TMA, says what is most significant about the figures is that more members seem to be choosing to refer GI enquiries rather than place the deals themselves.
He says: “There may be a number of reasons for this. Not all DAs have the time or inclination to actually sell GI and as such referral services can provide a good alternative.
“There are also the regulatory responsibilities to take into account as a good, professional specialist acting in this area will incorporate full control of these.
“Of course it’s still up to the individual firm to decide which route they take and at TMA we offer a range of alternatives to match these needs.
“What is clear is that the GI market remains full of potential and whichever avenue they take intermediaries should ensure clients are getting the right amount of cover from the best available deal whilst opening up a valuable extra income stream for themselves.”
Jason Berry, head of distribution and strategy at Safe&Secure Insurance Services, adds: “We are grateful but not surprised by the increased market share that companies such as Safe&Secure Insurance are receiving.
“Our ‘Sell it For You’ solution offers a genuine way for advisers to increase their GI conversion rates. This not only means they have more income but importantly our unique guarantees also mean that we can build renewal income advisers can keep as we retain their customers for longer periods.”
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