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Quality, not price, is key factor for clients

Getting clients the appropriate level of cover is essential. Poor product knowledge or selling based on the cheapest price could mean a difficult and upsetting claims process and unhappy customers.

When consumers look for insurance through a broker, it’s the opportunity for that adviser to show expert product knowledge and guide them through the process, giving quality advice for their needs.

In a survey that we recently commissioned, nearly 75% of consumers agreed that a rating system for financial products is a good idea. But 85% were unaware of Defaqto ratings.

This shows that people are more concerned with the quality of a product than with buying the cheapest, which is a great finding for brokers to use when discussing a customer’s options. But it’s also worrying that most don’t know about Defaqto ratings and how they can help.

So it’s about educating the consumer on their insurance policy.

Only 28% of people said they read the terms and conditions of their policies, which means despite the level of cover being important, consumers still aren’t doing proper checks before buying a policy.

By educating and advising their customers properly brokers can position themselves as experts and reduce future problems for the client.


Last week’s winner

“A rare picture of Buddy Holly and Tom Jones together found on the Antique Roadshow.”

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery


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