The Intermediary –- May 2026 - Flipbook - Page 32
I N T E RV I E W
it simply on price – clients might fail to
understand elements such as cover limits,
rebuild costs, exclusions, and optional extras.
This means they risk unknowingly downgrading
their cover when shopping online.
Obligation and opportunity
With the advent of Consumer Duty and a
more conscientious approach to brokerclient relationships and advice, the
protection conversation has becoming
increasingly important.
This is not just a matter of obligation, but a
chance for brokers to continue to prove their
value and improve their relationships, which
might make all the difference for their business
in the longer-term.
Many first-time buyers have never bought
insurance before. At a time when they are
completing one of the most significant and
challenging transactions of their lives, a broker
who goes above and beyond in ensuring they
are protected and set up for success will stand
out, and is therefore more likely to garner
their loyalty as they move on through their
ownership journey.
This is an important source of business,
but it is not just first timers that present an
opportunity in the current market.
Hussain explains: “One of the big gaps is the
remortgage and product transfer market. It’s
important to understand what happens with
those customers.
“Are we having that conversation with those
remortgage customers, or are we just quite
happy to say, ‘you know what, they have a
mortgage and they’ve been living in this house,
they already have home insurance’? Or even
‘we’ve asked the question and they’re happy
with it’.”
These clients might not realise that – due to
life, circumstance or even product changes –
there is a more suitable option out there. They
might even be at risk of being underinsured.
According to Paymentshield’s research,
around 53% of those surveyed said they do not
discuss GI with remortgage clients often.
“But the advisers still have a real
opportunity,” Hussain continues.
“There are so many factors that can go into
it. Yes, they’ve had an insurance policy for the
last two years, but is it still suitable? Have any
circumstances changed? That’s the opportunity
to have that discussion.
“The client might say, ‘yes, it’s fit for purpose’,
when actually the rebuild cost has changed. Or
they actually did an extension that their insurer
isn’t aware of.
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The Intermediary | May 2026
“When someone asks if you’re happy with
your insurance, people may just say yes
without looking at it.”
Conversations must move beyond the tickbox. Instead, brokers should catch up with their
clients on a deeper level, which will then allow
them to spot opportunities for better cover.
2026, a year with a rising tide of
remortgages, provides an important
opportunity to lift all boats and provide better
support for customers, if dealt with proactively.
Easier said than done
Of course, brokers are already thinly stretched,
not least with the added responsibilities for
good customer outcomes and meticulous
evidence documentation laid at their feet in
recent years. It might, then, sound like too
much to ask to add yet more conversations –
especially as nuanced as this – to the roster.
To this end, Paymentshield is working to
solve the practical barriers to GI conversations.
Hussain says: “We’ve focused on simplifying
how brokers engage with GI, making it more
integrated into the core advice process rather
than an afterthought.
“What we’ve invested in is digital journeys
that reduce the friction, including smarter
data, prefilled to save time, and clearer
customer communications to support
Consumer Duty outcomes.”
This includes integrating with brokers’
existing customer relationship management
(CRM) systems. With this tech-enabled
One of the big gaps is the
remortgage and product transfer
market. It’s important to understand
what happens with those customers.
Are we having that conversation with
those remortgage customers, or are
we just quite happy to say, ‘you know
what, they have a mortgage and
they’ve been living in this house, they
already have home insurance’? Or
even ‘we’ve asked the question and
they’re happy with it’”
