Paymentshield – Innovator nomination

This year, Paymentshield has adopted an advisory-led and digital direction to business, championing insurance that is empowered by expertise and intelligence. A key innovation in experience delivery has been the Adviser Hub: a market-leading and unique digital platform that features the industry’s first Management Information Performance Dashboard and has been proven to successfully empower advisers to advise on General Insurance, manage their book, and grow their business.

We developed Adviser Hub after years of extensive research into our intermediary customers’ needs and input from the market that revealed that financial advisers wanted to be provided with more information about their GI business. This, combined with our own research that revealed how brokers had lost out on £47.8m in commission through missed GI sales in 2019, led us to create a digital solution that made powerful data insights around GI accessible to advisers and therefore would empower them to speak to their clients about GI and capture this untapped income stream. So far, 700+ adviser companies that had not quoted with us prior to August 2020 have now quoted on a GI policy.

Adviser Hub collates and organises customers’ data under a personalised dashboard from where advisers can drill down into information such as client renewal premiums, quotes not converted, and client cancellations. They can then identify occasions – such as policy renewal for upcoming expirations – to anticipate live and potential clients’ needs, using these to reinitiate dialogue, offer personalised advice, and enhance the customer experience.

But we haven’t stopped there. Applying Agile principles, our 50-strong software development team work to continually evolve our proposition to meet the changing needs of advisers and their clients. In the last year alone, we have collaborated with e-Keeper, CETA and LexisNexis to deliver the best possible customer journey, improve data accuracy, expand product range and use existing data to deliver automated and accurate GI quotes in partner systems. For instance, we expanded the Hub’s integration capability with a new suite of application programming interfaces (APIs) that use pre-captured information to seamlessly generate a GI quote without sacrificing the quality of cover or compromising on price. This feature creates capability that enables firms to create the unique sales journey that fits their business while eradicating the extra effort of re-keying and validating assumptions.

Since the Hub’s launch, Paymentshield has seen increases of 25% in quotes, 17% in submissions, and 20% in completions. A number of KPIs have been successfully exceeded too, with the Hub increasing the number of users by 47.9% (target 20%), the number of unique users by 86.4% (target 20%), the number of page views by 41.3% (target 30%), and average session length by 31.5% (target 30%).

The creation of Adviser Hub, and its continuous development since, has seen Paymentshield produce the GI market’s most advanced intermediary online hub that enables advisers to make data-led decisions and optimise their whole GI business, ultimately giving them a competitive edge in today’s volatile property market.