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On the whole, 2024 was very much a turbulent time for the insurance industries in the UK.
From rising premiums to referrals becoming a focal point for insurers, advisers and consumers alike, we have seen a lot of change in a heightened market.
Mortgage rates have caused a consistent talking point throughout the industry, along with rising insurance premiums across several landscapes, including home insurance.
The modern insurance market requires a significantly different approach compared to five or ten years ago, let alone a couple of decades ago.
Clients expect a certain level of service from their adviser, which has now been reinforced by the FCA’s Consumer Duty regulations implemented in 2023.
It’s fair to say that the last 24 months have seen a significant increase in the cost of purchasing Home Insurance and although those increases have slowed down, we are yet to have ‘turned the corner’.
There is a gap in the virtual market for you to appeal to an audience in need of sound financial guidance.
9 in 10 young followers have been encouraged to change their financial behaviour – a case of potentially misplaced trust.
Source Insurance has announced a partnership with one of the UK’s largest and fastest growing wealth management firms, Fairstone.
In 2023 alone, home insurance prices rose by an average of 40%, with many customers experiencing prices north of these averages. However, 2024, so far, is shaping up to be a better year for customers, regardless of continued price rises.
Much like the Doomsday Clock, which counts down to the likelihood of a human-made global catastrophe, the Consumer Duty Clock is getting ever closer to midnight, when the first annual board report will be due.
Advisers constantly battle aggregators to offer competitive premiums to their customers. Understandably, clients often find it difficult to decipher which product offers sufficient coverage (for a reasonable price).
With The Source, our new quote and buy system, alongside Source Home, our new in-house product, we’re doing our best to combat specific obstacles currently standing tall in the financial industry.