How do you meet client expectations and prove your value in times of crisis? When selling protection - or any financial product - moving quickly and getting the advice right is key to building trusted relationships.
UK mortgage and protection providers are innovative and responsive businesses, and historically there hasn't been a shortage of choice on the market. However the coronavirus outbreak is putting everyone to the test.
The industry is adapting - something which is essential to helping clients to make the right decisions.
In the UK, we are seeing green shoots from the industry responding to the rapidly changing landscape. There are mortgage and payment holidays, providers are publishing statements and providing clarity around the impact (or not) of coronavirus on policies and are continuing to connect & support customers virtually.
When there are so many moving parts it's not enough to just give clients information. Our opportunity is to build trust by helping facilitate their decision making so they move quickly and confidently.
That’s where technology has a greater role to play.
Trust in your technology
What clients need more than ever at the moment here in the UK and around the world, is certainty and expertise to help them navigate the worries they may have around protecting their family and income. Advisers should be looking at offering reliable and accurate information about the range of products and services are available. If clients have the ability to compare and contrast options, and if the adviser is able to provide confidence in the options that are available to them, everything should move in the right direction.
Our opportunity is to build trust by helping facilitate their decision making so they move quickly and confidently.
Having a full and complete understanding of what a policy can and can't do is a chance to talk about the different features and the unique selling points of each provider.
Your sourcing technology should also have the latest products instantly available to your clients. In a world where things feel they are changing on an hourly, let alone daily basis, having the most up to date information on the products is essential.
Connecting technology solutions
Technology has a huge role to play in ensuring that the software that supports the different parts of the advice process are as connected and seamless as possible. Such as ensuring that when you are sourcing a mortgage for your client you can show all the options that can help them protect that mortgage and their home.
Tech can help you stay close to clients and carry on with your business.
With integrated mortgage protection technology and easy access to integrated general Insurance systems - this is all at a broker’s fingertips. Brokers need to have reliable connected systems to allow instant access to the whole range of products and services to ensure their clients can have the maximum protection against eventualities in these incredibly uncertain times.
Stay safe, stay connected
Technology can also help you stay close to clients and carry on with your business. Video conferencing makes client meetings possible. Social media can broadcast service status and call wait times, online application software can help you move through the queue without having to talk to someone. The industry is bearing the strain of the spike of calls from concerned customers right now, and there is undoubtedly a struggle to resource the lines - particularly with the increased need for help with products like income protection.
Looking beyond lockdown
The challenges we’re facing will hopefully, at some point, be behind us.
If the industry keeps evolving and giving clients the best possible advice about the protection that is right for them. If technology continues to help us work remotely. And if we can still deliver a personal service despite the pandemic - we are all building a trusted industry we can continue to be proud of in the future.
Coronavirus support
For free resources and support to help guide you through the coronavirus crisis, including tips and advice from our team on how to work effectively and securely from home, visit our dedicated hub.
About the author
Jacqueline Durbin is the head of product for The Exchange, the UK's market-leading quote and apply portal for financial professionals.
