Abbey warns brokers they are missing out on insurance revenues

Only one in five homeowners purchases home insurance along with a mortgage, according to Abbey for Intermediaries. This means that there are many intermediaries who are losing out on a market that’s worth about £30 million. As a result, Abbey is recommending that the level of cross selling is increased so that intermediaries can take advantage of extra revenue.

The housing market is currently in a bad shape, but there is still good money to be made in insurance. Abbey is now encouraging intermediaries to “exploit” this rather than missing out.

Ricky Okey, the managing director of Abbey for Intermediaries, said that insurance “offers one of the most attractive income sources for intermediaries, and yet there are still so many who overlook it as a revenue stream.” He added that because the housing market is contracted at the moment, it is a good opportunity to make some more money.

This recommendation comes at the same time as the bank made some additions to its range of home insurance offerings. It has now reduced premiums by 17% on average by introducing three insurers to oversee its range: Zurich, Groupama and Aviva. There are also new add-ons for the New Build and Bedroom Plus policies.

Home insurance is a necessity that few owners should be without. If intermediaries can take advantage of the extra sales revenue that insurance provides then they can put themselves in a better position during the current housing slump. With 80% of mortgage borrowers being potential customers, now is a great time to take advantage of it.

Comments

Leave your comments

Name:
Email:
Comments:
Please enter the validation code shown

Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.