15 May 2024

Why discussing home insurance with every client can help grow your business

By PaymentShield

Number 1: Your client is properly protected

Purchasing a home is one of the biggest commitments people will make in life, and offering advice to help your client buy a policy that meets their needs could be the difference between your clients getting a policy that’s right for them, rather than a policy that’s going to let them down should they need to claim.

However, we know time is limited and advisers are busier than ever, so even if you don’t have the time to discuss general insurance yourself, you can still make sure your client gets advice on their insurance needs by referring them to Paymentshield. Paymentshield’s new referral service has been designed to be transparent, giving you full visibility of your client’s journey.

Number 2: Help make sure your clients are making informed decisions

Price is often a determining factor for clients when deciding what home insurance policy to buy. Therefore, it’s a good idea to help your client understand why they may be paying a certain amount. This is particularly relevant today with inflation driving up the cost of claims and therefore the cost of insurance.

If clients are price sensitive, then it’s important they at least make sure they’re comparing home insurance policies on a like for like basis. To facilitate this, you can use the Defaqto compare tool on Paymentshield's website to show them the benefits of a 5 Star Defaqto rated home insurance product compared to a cheaper policy they might find online.

Paymentshield’s quotes are also valid for 180-days, meaning your client can secure their price today.

Number 3: You can build trust by demonstrating your wider expertise

If your clients are looking to remortgage or do a product transfer, you can demonstrate your wider expertise by offering to review their current policy and make sure that it is still fit for their needs.

People’s lives can change quickly so, since they last looked over their policy, your clients may have got married, had children or added an extension to their home. All these things could have increased the value of their buildings and contents and therefore their current policy might not give them the protection they need for their current circumstances.

Number 4: You can grow client loyalty

General insurance provides a reason to maintain regular communication with your client. Although, Paymentshield will handle all renewals on your behalf, you can still access your client’s renewal information each year via our unique Adviser Hub.

Your clients home insurance renewal provides an opportunity to contact them each year to check if they’re still happy, review their insurance needs and also discuss their wider financial situation. For example, if they’re on a five-year fixed rate mortgage, you might not have a reason to contact them for four years until they’re approaching the end of their mortgage term. However, contacting them about their insurance gives you a chance to check in with them more regularly and could even lead to other sales.

Click here for more information on Referral Pro or to refer a case.

This service is for Legal & General Mortgage Club members only.  Not registered yet? Find out how to join or request a callback.

For adviser use only. Please note this content has been supplied by our lender partner and as such, is their responsibility. No party shall have any right of action against Legal & General in relation to the accuracy or completeness of the information in this article.