Advisers are not immune to the existential threat posed by the COVID-19 virus, but still have a vital role to play to ensure that their customers are protected in the current crisis. Actions to neutralise the threat have brought into focus the need to review the terms and conditions of protection policies, particularly on the B&C front.
Also, like most people running their own businesses, advisers need to look at ways of maintaining an income stream in difficult times and the protection of customers and their assets, such as property, is certainly one of those ways.
While face to face meetings are not to be encouraged, undertaking a review of customers’ existing policies and then calling or making use of video conferencing / FaceTime is still very effective. You can discuss options and make recommendations to give your customers the option to upgrade or amend policies and start building initial and repeat commission income.
If you are still organising critical purchases for your clients, now is a good time to get into the GI habit. Also ask the question of household insurance on any product transfer and remortgages. If you don’t, someone else will get this business!
But how many of your customers do not have any B&C cover? There has never been a better time to find out while your core mortgage business has been hit. According to ABI statistics, 28% of homeowners still don’t have a home contents insurance policy in place leaving £266bn worth of contents at risk. More worrying still is a report that 14% haven’t insured their homes at all, which may mean a breach of the contract with their mortgage providers.
Many insurers are very reasonably taking into account the current situation but existing policies should be checked for those clients who are currently home working and probably have equipment in place to facilitate their job roles away from the office, which might not be covered.
Assurant Intermediary is ready and able to help you, particularly now while we live through these unprecedented and uncertain times. On our Adviser Support Services page, we have developed a Broker Support ideas pack containing some document templates for you to use to help you both maintain client relationships and also give you opportunities to prospect for new business.
Your role is a crucial one for all of your customers and an excellent way of staying in touch. Customers will appreciate your forward thinking approach and help, as well as being more likely to be there for you when business returns to normal.