According to the latest Commonwealth Bank/MFAA Home Finance Index, only 52.8% of customers who are applying for a mortgage are cross-sold home loan protection insurance, while 48.2% were offered home, contents and building insurance and 31.2% were offered life insurance.
This index is sited in a recent article by Australian Broker Online, Brokers missing out on sales to a third of clients, which claims that a third of all clients would be open to insurance offered by brokers although over half of customers are not being offered the products.
This provides an opportunity to enhance a broker’s revenue stream and be seen as a source of other products and advice. Generally brokers are trusted by borrowers to offer insurance products either directly if they have an AFS licence or as a referrer if they are without a licence.
As the Financial Services sector becomes increasingly more competitive and as regulation becomes tighter, brokers who can add value will help attract and retain clients.
You can assist your clients across the life cycle of a home loan, from:
- Cross-selling complementary insurances at point-of-sale,
- Business planning, using RP Data to source quality leads with On The Market® reports,
- Winning business from competitors and increasing your conversion ratio with AVM and CMA reports,
- Protecting your trail with Property Monitor,
- Lead referral and customer retention via Comparative Market Analysis (CMA) reports, and
- Compliance, ensuring your applications meeting the lenders’ compliance metrics.
By using RP Data to provide a broader financial services offering, effectively analyse your clients’ needs and maximise their income opportunities, your clients are more likely to remain satisfied and stay with you for longer.
For more information on how to use RP Data to cross-sell and assist your clients talk with our training specialists at [email protected] or visit rpdata.com/training to register for you next training session.
Source: Australian Broker Online, brokernews.com.au