By Simon Hird, head of intermediary and broker at L&G
The devil is in the detail
Advisers should consider the cover levels that a policy offers and ensure they meet the requirements of their customers. Some policies may offer cover for perils such as a storm, but also have certain criteria attached to the definition. Remember that the criteria will also vary between providers.
Indicative versus guaranteed quote
Gone are the days when speed meant advisers had to rely on an ‘indicative quick quote’ to give to their customer. With the development of technology and the use of big data, advisers can take advantage of tools from providers, such as our SmartQuote for intermediaries, to ensure a smooth and streamlined process. This is where advisers can really add value and provide a guaranteed quote quickly and efficiently.
Customers’ needs are changing. In an increasingly digital world where they are expecting instant gratification, we need to recognise the need for a more efficient and easy-to-use claims process. With people now expecting to get what they want with a click of a button, the industry needs to embrace technology.
There are some providers in the insurance market that will add policy or admin fees such as mid-term adjustments or cancellation to the premium, in addition to any credit instalment charges. While these are not commissionable, both intermediaries and customers should be aware of this practice as it is widespread.
Training and development is key
With advisers selling GI having to complete a number of CPD hours under the Insurance Distribution Directive, training and development is more important than ever. Remember, though, that there are many providers out there who can help offer education and training. It is vital advisers make the most of these opportunities.