Uinsure has announced their new ‘How the pro’s do it’ campaign, designed to raise awareness and understanding of how some of the most successful firms in the UK integrate GI into their service to customers.
A series of videos from Uinsure’s GI experts will be released weekly. There will also be guest blogs and emails to help share best practice and success stories, so advisers are better equipped to provide a general insurance service to their clients.
Uinsure will host a number of sales workshops throughout July and August, providing practical tips on how to integrate GI into their sales process.
If there was ever a time to discuss home insurance, it’s certainly good time now, given so many of your remortgaging clients will likely have held their existing insurance policies for multiple years and could be paying more than what they should.
Industry data shows that over £183bn worth of residential mortgages will expire by the end of 2021, and as we head into Autumn, the remortgage and product transfer opportunity is expected to be strong as we switch focus from an extremely busy purchase market in the first half of this year.
The FCA’s well-documented general insurance pricing practices market study found the home and motor insurance markets are not working well for all consumers. Customers are often penalised for their loyalty and may well need your help and guidance in ensuring they are not caught in the loyalty trap.
This led to new regulations being introduced by the regulator that come in at the end of the year. The FCA will ban insurers from artificially discounting new business premiums with the intent to hike them in subsequent renewals.
The FCA’s analysis estimated that the insurance industry gained £1.2bn from six million policy holders through price walking in 2018 and it predicts that the new ban will save customers £4.2bn during the first ten years following its introduction in January 2022.
The role of an adviser to inform and educate about insurance has never been more important and, as this wave of remortgaging clients start to reengage, there’s a golden opportunity to demonstrate the value of advice, ensure fair value and potentially save your clients’ money on their existing insurance.
So what do you need to be considering when reviewing you remortgaging customers insurance?
1. Educate your clients to consider more than just price
As the name suggests, price comparison sites are largely useful for comparing on price. Although, understandably, price is the dominant factor of any conversation, it’s also vital to weigh up whether a policy is offering good value.
You can use Uinsure’s Defaqto Compare tool to compare policies available across the market and this will instantly highlight gaps in cover. This, in turn, allows you to explain how certain policies do or do not meet the client’s needs and steer the conversation away from base price to best value.
2. Introduce a GI conversation early on
Ask for a copy of your clients existing home insurance schedule as an addition to any other documents you require as part of your remortgage advice process.
3. Simply explain what price walking means and how they could be paying more than what they should
The ban on price walking will come into force from January 2022, and so ahead of rules being implemented, it’s a really important time to discuss with clients who have held insurance policies for multiple years to review their needs.
Want to know more? Uinsure is currently running a series of How the Pros do it workshops to help give advisers this skillset and confidence to offer general insurance to more of their clients more often.
General insurance used to be a complex beast. Applications were confusing, the process was long winded and forms were full of questions that were virtually impossible to answer correctly.
Fortunately, times have changed.
With the increasing digitization of our industry and advances of our own technology, home insurance can be quoted in just three questions with an application typically taking around 60 seconds.
And, with home insurance being a legal requirement with any mortgage, it’s our collective responsibility to ensure the UK’s homes are properly protected should something go wrong.
As a result, the team here at Uinsure have launched a series of How the Pros do it workshops that aim to give advisers the knowledge and confidence to offer general insurance to every client.
Working alongside advisers and general insurance experts, we have built a workshop specifically for those who have little knowledge of writing general insurance but want to add this skillset to their offering so they can offer their clients the full package.
The one-hour workshops give practical guidance and useable advice and, as part of the workshops, those in attendance get top tips and information from experts who offer general insurance on a daily basis with thousands of applications to their names.
Check our intro video with home insurance specialist, Dawood Patel, to get a taster for what’s included.
If there was ever a time to discuss home insurance, it’s certainly a good time now.
This is especially given so many of your remortgaging clients will likely have held their existing insurance policies for multiple years and could be paying more than they should be.
More than £183bn of residential mortgages will expire by the end of 2021. As we head into autumn, the remortgage and product transfer opportunity is expected to be strong, with the focus switching from an extremely busy purchase market in the first half of the year.
The Financial Conduct Authority’s (FCA) well-documented general insurance pricing practices market study found the home and motor insurance markets are not working well for all consumers. Customers are often penalised for their loyalty and may well need your help and guidance in ensuring they are not caught in the loyalty trap.
Gen up on price walking
The FCA’s study led to new regulations which are due to come in from January 2022. These will ban insurers from artificially discounting new business premiums with the intent to hike prices in subsequent renewals.
The regulator has estimated that the insurance industry gained £1.2bn from six million policy holders through price walking in 2018. It predicts that the ban will save customers £4.2bn during the first 10 years following its introduction.
The role of an adviser to inform and educate about insurance has never been more important and, as this wave of remortgaging clients start to re-engage, there’s a golden opportunity to demonstrate the value of advice, ensure fair value and potentially save your clients money on their existing insurance.
So, what do you need to consider when reviewing you remortgaging customers insurance?
Educate your clients to think beyond price
As the name suggests, price comparison sites are largely useful for comparing on price. Although, understandably, price is the dominant factor of any conversation, it’s also vital to weigh up whether a policy is offering good value.
This, in turn, lets you explain how certain policies do or do not meet the client’s needs and steer the conversation away from base price to best value.
Introduce general insurance early on
Ask for a copy of your clients existing home insurance schedule as an addition to any other documents you require as part of your remortgage advice process.
Explain what price walking means
Show clients how they could be paying more than they should be. The ban on price walking will come into force from January 2022. So, ahead of the rules being implemented, it’s a really important time to discuss with clients who have held insurance policies for multiple years to review their needs.
Uinsure has unveiled a partnership with financial advice business, Open Money.
The partnership will see Open Money offer home insurance to its clients exclusively through Uinsure.
The proposition is part of Home by Open Money, a home buying service designed to help first time buyers prepare for every step of the journey. It will offer tailored advice on mortgages, as well as provide information and suggestions on solicitors, insurances, wills and surveys – with everything housed under one easy-to-use platform.
Uinsure, which was founded in 2007, is one of the UK’s most highly rated insurance providers on Trustpilot and has built its great reputation with both customers and advisers through its continued tech innovation and fair pricing.
Uinsure’s panel of seven leading home insurers, Ageas, AXA, Covea, LV, RSA, UK General and Zurich, bid to offer customers the best price on identical cover. This ‘common policy’, as it’s referred to, across all insurers also allows Uinsure to streamline an experience to get a quote in just three questions and apply in less than a minute.
Since its inception in 2007, Uinsure has worked against the grain of traditional insurance businesses and has taken an ethical standpoint not to price walk, a practice often referred to as the loyalty penalty. Price walking is where insurers will artificially discount new business premiums and hike them for renewing customers, a practice that cost consumers an estimated £1.2bn in 2018 alone.
Uinsure’s Chief Partnership and Marketing Officer, Lauren Bagley, said: “We pride ourselves on always acting in the customers’ best interests and, like Open Money, our business ethos is built around honesty and transparency. It’s these shared values that has allowed this partnership to develop.
“Our technology makes it extremely quick and easy for customers to buy and renew their insurance with us. We ask just three questions to generate a quote; name, postcode and date of birth, this not only speeds up the application process but minimises the risk of customers answering questions incorrectly and therefore risking invalidating a policy.
“We know getting on the property ladder can be both exciting and stressful and, as a home will probably be everyone’s most expensive purchase, our 5* rated Defaqto policy gives people comprehensive protection on their most valuable asset. We’re now looking forward to supporting and insuring Open Money’s customers as they step onto the property ladder and are confident the similarities within our businesses will help this partnership to grow further.”
Karina Hutchins, Open Money’s Head of Home, said: “Buying a house is a huge financial commitment, but the process can be confusing, involving multiple parties and so much jargon that it feels overwhelming, especially for first-time buyers. Our new service aims to simplify the process and guide customers through the whole home buying journey to ensure they understand the impact different mortgages, insurances and other financial products will have on their finances.
“We chose Uinsure as our home insurance partner based on their transparency with pricing and straightforward underwriting. Unlike other insurers, they don’t ask questions about how high the trees are in your garden and then use an incorrect answer as a reason not to pay out. They simplify their policy wording so that customers can have peace of mind that they are actually covered.
“We believe this honest approach is what makes their products the highest quality in the market and therefore the perfect partner for us.”
Uinsure has launched its new insurance division, Uinsure Specialist, to handle non-standard and commercial referrals.
Uinsure is working with wide panel of insurers which include, Ageas, Covea, NIG, Zurich, RSA, Pen Underwriting, Q Underwriting, Midas, Prestige, AXA and Commercial Express to ensure clients with more specialist or complex insurance needs can access comprehensive and competitive products across a wide underwriting footprint.
Martin Schultheiss, chief commercial officer, said: “We’ve been piloting Uinsure Specialist since December 2020 with a number of our key partners’ clients. Uinsure Specialist moves us further forward in our mission to remove insurance complexity and deliver fair value in a digital age. It’s a great example of how technology can help to deliver much better experiences across a wider spectrum of insurance needs.”
A key focus for the new division will be to make sure that insurance risks which fall outside of Uinsure’s standard product range can be insured with the most efficient and frictionless experience possible. For example, properties undergoing building works, long term unoccupancies and a wide variety of non-standard construction types can now be referred by advisers through the Uinsure Adviser Platform.
In addition, commercial referrals for property portfolios, blocks of flats, commercial properties, liability cover for self-employed people, shops, offices and the vast majority of SMEs can all now be serviced by the new team.
Schulthiess added: “Advising on complex insurance needs can, in its very nature, be a difficult process. Using our technology, we’re able to streamline this once complex process so even advisers who have clients with unusual or traditionally difficult insurance needs will benefit, because of the service Sean and his team can now offer.”
Sean Thompson, specialist insurance director, heads up the new division that will handle all Non-Standard Home and Commercial insurance referrals submitted through the Uinsure Adviser Platform.
Sean, commented: “By launching the new service, we’re able to harness Uinsure’s industry-leading technology to simplify the referral process and the client experience, while ensuring we develop strong panels and products that match the mix of referrals we receive. The ten-month pilot has allowed us prove strong quote and conversion and we’re now very much looking forward to supporting advisers in a wider capacity.”
The mental health and wellbeing of professionals in our industry is of vital importance and, as a result, at Uinsure we’ve joined the Mortgage Industry Mental Health Charter (MIMHC), which provides guidance, tips and a framework for businesses like ours to follow to help make sure our team are fully supported.
By joining the Charter, Uinsure has signified its commitment to develop mental health awareness among its employees but good mental health and support goes above giving people a platform to air their concerns. A healthy work life balance and good working conditions are fundamental in helping people truly enjoy their time at work and opportunities for personal development are key in encouraging people to grow.
The Charter also encourages open conversations about mental health so we thought we’d kick things off with some top tips on how to manage your own wellbeing from two of our own experts; HR Manager, Emma Higgins, who is also our representative for Mental Health, and Katie Warren, one of our Business Development managers who looks after South West and West Midlands.
Be available to both talk and listen
Conversations can change lives and a simple ‘are you OK?’ can encourage people to open up if they’re struggling. Spend time with people you feel comfortable talking to about your feelings, too.
Encourage communication
From checking in with your team-mates and keeping things collaborative. Appreciations and gratitude for jobs well done is great for motivation and boosting your own and others self esteem.
Take breaks
Breaks can improve productivity and overall work performance. Reclaim that lunch break to help you de-stress and re-charge. This could be an afternoon walk or lunch with your teammates.
Keep active and do something for yourself
Find time for your favourite hobbies. Exercise naturally releases endorphins – a walk may be better for you than having a nap in boosting your energy levels and fighting fatigue. Learning when to take a time out for some ‘me time’ so you can relax a touch is equally important.
Be in the present
Take time to be aware of yourself in the moment to gain a better perspective.
Get good sleep
It makes a massive difference to how we feel mentally and physically. The average adult needs 7-9 hours of sleep per day and if you’re not getting enough you may feel drowsy, irritable, less productive and it can even affect your skin.
Despite only launching officially in September, Uinsure’s Specialist Division is already seeing conversion rates of over 50% as portfolio landlords across the country are choosing to simplify their insurances by obtaining a single Property Owners policy.
The policy allows landlords to have just one set of documents, one admin fee, one renewal date, one direct debit and the ability to add/remove properties in future, with huge time saving benefits.
As the properties are rated collectively, this is also leading to cheaper overall premiums for the vast majority of applicants.
And the ease of application coupled with the attractive proposition has meant the Specialist Division has got off to a strong start, as Specialist Insurance Director, Sean Thompson, explains; “We’re seeing exceptionally high conversion rates and the volume of enquiries we’re seeing is growing strongly.
“The feedback across the board has been great, it’s clear that the team are able to make a clear and positive difference to the way landlords are purchasing insurance and we’re very much living up to the brand ethos of removing the complexity from insurance.”
If you haven’t referred to our Specialist Division yet, you can use the Refer a Client on the Uinsure Platform and Portfolio enquiries can be sent to the team using the Commercial referral option.
