News Review: General Insurance
Price preference works both ways by
Jason Berry, head of
distribution and strategy, Safe & Secure
While consumers are guilty of seeing the cheapest in favour of what could be more ben- eficial
to them, advisers are
guilty of the opposite. Brokers are oſten blinded by the kind of smash and grab style proc fees available in the mortgage world, so they cannot see the real benefits on offer with an income build strategy em- ployed in the insurance market. Te primary reason for this is the misguided belief
that
consumers oſten cancel insur- ance policies mid-term. What
Act now to help female customers
With the new EU Directive laws preventing insurers from taking gender into account when pricing insurance set to come into play on December 21st I’d be advising any female clients to review their insurance poli- cies sooner rather than later. Policies that start on December 20th will avoid the price hike so women need to be looking at their policies now and figuring out if they can
renew in time to beat the deadline. Life insurance is likely to be affected, since women were traditionally given cheaper rates due to the fact they are likely to live longer than men. This presents an opportunity for advisers. Revisit your clients, let them know about the changes if they don’t already and help them to review their insurance policies.
advisers do not realise is that whilst this may be true in the life assurance market,
it is
not true of home insurance. As such, with regular renew- als of polices combined with new business advisers can secure an income beyond ex- pectancy. Due to claims and general
cash flow tightening it’s going to get increasingly difficult for insurers to keep paying in- demnity aſter the first year but whether a provider pays in- demnity aſter year one should be an important aspect when deciding who forms part of a broker panel. Indeed, the order of prior-
ity for broker assessing who should be on a panel should be as follows: the policy fea- tures, new business prices, renewal price commitment, the amount of claims han- dling and administration sup- port, indemnity commission and, finally, the amount of commission.
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