Paymentshield – GI Provider nomination

The feast-to-famine nature of the property market has hit advisers hard. Recognising this, Paymentshield leveraged its “illuminate” campaign to spotlight General Insurance as a vehicle of recovery, regrowth and dependable income for advisers throughout and beyond lockdown.
The campaign aimed to empower advisers to diversify into GI after our research revealed a £47.8 million commission gap from missed GI sales in 2019, with 60% of advisers admitting to regularly overlooking GI opportunities.

Appreciating that GI is unfamiliar to some advisers, we developed various resources to help advisers incorporate GI into their business and drive value. This includes the launch of our first-ever CPD centre, comprising e-books, whitepapers and on-demand webinars, which provides expert insight into approaching GI sales and enables advisers to develop GI knowledge. Since launch, unique views of our resources stand at 2100+.

When Covid-19 hit and mortgage approvals slumped, we adopted a more consultative role, proactively offering advisers support to help supplement their income. Our intermediary and broker-customer relationships correspondingly flourished: 700+ adviser companies quoted on a GI policy who hadn’t before August 2020; quotes increased by 25%, submissions 17%, and completions 20% since Adviser Hub launched; campaign ROI was 60%.

Most recently, we delivered our first-ever virtual conference designed to create a community from which advisers could learn best practice and return to growth via GI. The event had 1000+ registrations, featured expert panellists from 17 partner organisations and assembled firms who have introduced a GI specialist into their business to showcase the habits of effective GI sellers.

We also launched a 22% discount on our Defaqto 5-star-rated Home Insurance for remortgage, equity release, and product transfer clients as a tool to help energise adviser businesses and boost their confidence to seize remo opportunities. Two weeks post-launch, the run-rate of daily quotes rose by 165%.

We developed this discount to also support customers left financially vulnerable from Covid-19. Combined with our now permanent 3-month deferred payment option, these initiatives exemplify our efforts to ensure the financial and mental wellbeing of customers while maintaining outstanding service standards. We provided training to equip staff to sensitively handle vulnerable customers’ needs and launched National Conversation Week with Mind and Defaqto – an awareness campaign aiming to encourage supportive conversations about finances. It also allowed advisers to initiate client conversations by offering additional support and financial advice, with Paymentshield providing specific adviser training to assist this, like our “summer school” series of live webinars.

Alongside this, we’ve focused on digital innovation in experience delivery, particularly Adviser Hub – a platform proven to optimise advisers’ GI business and close the commission gap. An industry first, it gives advisers access to data like renewal premiums, quotes not converted, and client cancellations – insights with which they can target customers through personalised advice, boosting GI sales and income. Working with LexisNexis, we enriched our Quick Quote function with property data, making quoting GI quicker and easier.

The “illuminate” campaign realised our vision to champion advisers to advise on GI, spotlighting its potential throughout this turbulent period.