We took the opportunity to chat to Emma Green, Head of sales at Paymentshield about their latest developments to support mortgage advisers during these uncertain times.
It’s been 3 months since the start of lockdown what are the things that have impacted on Paymentshield and the home insurance market? Well, three impacts from lockdown for me would be:
1) We’ve seen customers looking to cancel their insurance in a bid to save money or perhaps because they think being at home more means they no longer need cover. The irony is when we’re at home more, we’re more likely to need to claim for accidental damage or a leak because the home is occupied all day and whilst the burglary risk reduces some other risks increase.
For those in temporary financial difficulty when they call us retention team will talk them through their policy to see if we can help, reducing cover if things have changed. Plus, now we can also give the client the choice to switch to a policy with a three month’s payment holiday. Since lockdown we’ve saved a number of customers on advisers’ behalf by clients switching policies and we’ve also now extended the three month payment holiday option to new business via our unique Adviser Hub.
2) The other change I’ve seen as a result of lockdown is advisers really starting to diversify and sell general insurance (GI). We’ve seen over 452 new firms that didn’t sell GI before with us, start to quote home insurance with us in May – July.