News Review: General Insurance
Thrifty ways to relieve your cover in 2013
by Gary Little, head of key accounts, Assurant Intermediary
Tere’s no doubt that this New Year will be as challenging as the last so it’s going to be im- portant for intermediaries to set some firm resolutions and stick to them if they’re going to achieve success in 2013. Te sale of general insur-
ance products should be a key component of any interme- diaries business so I’ve made a few suggestions to consider when it comes to general in- surance. Property insurance premi-
FMNL7083 - PML half page Mortgage Introducer_Layout 1 08/01/2013 11:39 Page 1
ums rose in 2011 according to Te Mintel Home Insurance
that the home insurance market grew by 6% in 2011. However home insurance is strongly skewed towards those who own their own home, with just two fiſths of renters owning a home con- tents policy.
Report published in October 2012. Te November floods are expected to cost insurers in excess of £1bn and I think it would be naive for any con- sumer to expect premiums to fall. However, the advertising by direct insurers and com- parison sites is all about saving money. I think intermediaries have a major educational job to do in 2013 to help their cli- ents to budget for a potential increase – a major opportu- nity to find them a great deal. Te Mintel report revealed
We know that the demand
for rental property is rising as people continue to struggle to get on the property ladder – or choose to stay off it until some sort of stabilisation oc- curs – yet encouraging renters to purchase home contents cover remains a challenge. If intermediaries can crack this nut, they could well open the doors to a valuable income stream. When it comes to home
insurance, Mintel’s research indicates that consumers want new-for-old cover (88%), ac- cidental damage cover (86%), no claims discount (81%) and cover for valuables (80%). About two-thirds (65%) be- lieve cover for items outside the home is important. Know- ing what consumers value
Distinctly different
If it’s a limited company, an HMO, a multi-unit block or a customer who already owns a complex portfolio - remember who to choose.
makes it easier for intermedi- aries to research appropriate providers in advance. Mintel also suggests that an
increasing number of poli- cies are now purchased on- line
so intermediaries who
fail to get to grips with doing business online could suffer further down the line. Hav- ing said that, I truly believe that for many consumers the face-to-face approach remains extremely important. I know many of us will have pledged to do something more or given something up on New Year’s Eve. But let’s do our best to stick to our business reso- lutions. It’s going to be chal- lenging, but opportunities are there to be seized and those who stick to a disciplined plan should reap the benefits.
Not your average lender
www.paragon-mortgages.co.uk 0845 849 4057
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