Reaping the Rewards at Re-mortgage
As rates continue to rise across multiple industries. We are all beginning to feel the weight of rising prices, from gas and energy bills to the weekly shop. As we adjust to the more expensive way of living, the importance of maximising our earnings remains the topic of conversation.
In the insurance industry, brokers should now readdress how they make the most out of their re-mortgage business. Each interaction must provide a maximum return on investment. With this in mind, we have put together a few tips to help you stay ahead of the curve.
Quote and quote again
Once you have integrated quoting into your sales process, it’s important to remember that it’s not only your new business that you can quote for. Also, don’t forget there is an opportunity to provide a quote for your clients who are re-mortgaging or transferring to a new product.
Fortunately, if your time available to quote is scarce, you won’t have to look far. At Source Insurance, their panel offers a vast range of policies from blue-chip providers in one place, meaning you can save time shopping around whilst remaining compliant.
Inspect to detect
Ask your client for a copy of their insurance schedule by requesting it as part of your required documents for the re-mortgage. Use this opportunity to check through their levels of cover, identifying any gaps in cover and assessing its suitability for the new lender.
In many cases, the renewal date will not align with the re-mortgage date but don’t be discouraged; you now have the renewal date to diarise. You can use this to your advantage by emailing your client a month before renewal offering a quote as their trusted mortgage advisor.
Make a point
Help your clients understand that deals will not be so readily available to them if they are used to shopping around, due to the changes brought in by the Financial Conduct Authority.
Make a point of asking when the last time was that they reviewed their policy; they may not be surprised to discover their policy is no longer fit for purpose. Let your client know it is your job to check the original policy’s premium to ensure they haven’t been a victim of price walking.
If your clients are capital raising to complete significant renovation works such as an extension, have they considered the building work’s impact on their policy? Help them understand that a quality cover will ensure that their asset is protected while the work is ongoing, should the worst happen.
Or, if a later life lending product is the next step for your clients, then ensure that the topic of general insurance is still prevalent in your conversations. Unbeknownst to your clients, the premiums for the later life demographic are incredibly competitive and affordable, and these clients are least likely to have shopped around.
Source Insurance offers one to one training on their system for all registered brokers. If you’d like to contact a member of their support team, you can call 02920 265 265.
Or visit www.gi.thesource.co.uk to start a new quote or register.