Price paramount when selecting GI provider

Select & Protect has revealed that despite the ongoing criticism of industry-wide misselling and the treatment of customers, price is still the most important factor when recommending general insurance providers.

The survey of over 500 intermediaries revealed that 72% of intermediaries felt that price was the main deciding factor when recommending a mortgage protection provider. 45% said they would recommend a provider based on the level of cover their policies provided, followed by the service they provide and their claims process.

The survey also revealed that, two years on from GI Day, 62% believe that regulation is still the biggest issue facing intermediaries today, with just under half saying that regulation has not had a positive impact on their customers.

Bruce Reid, managing director at Select & Protect, says: “With all of the criticism surrounding the miss-selling of general insurance products and the implementation of the FSA’s Treating Customer Fairly campaign, it is concerning that price is still the main driver for intermediaries when they are recommending insurance products to their clients.

“Of course price is always going to be one of the key influencing factors, but now more than ever, its imperative that intermediaries make sure they treat each customer as individuals when recommending GI products and ensure they identify, advise and sell customers a product that’s most appropriate to their needs.”