by Freddie Savundra - Founder & CEO • 31 October 2022
Your Standard Mortgage Broker will have three KPI’s they need to hit:
1. Business written per month
2. Green Compliance Rating
3. Protection / GI Referral Count
In today’s market, Point 1 takes care of itself. A good Mortgage Broker will hit Point 2 without breaking a sweat.
So what about Point 3?
We’ve seen a strong variance between firms that do and don’t introduce KPI’s to effectively manage this. The average firm expects a 40% Life Insurance Protection Referral and the same for Building/ Contents cover. Half of these won’t pick up the phone. The other half won’t be interested until the Mortgage completes. The advisers we’ve spoken too often find this a hard sell, mainly because there are so many competitive market options and clients don’t have the time to spend talking about this. Given the Truss Mortgage Grenade, can you blame them?
By sending the right email at the right time, you introduce the topic of Life Cover/ Buildings Cover before your Broker has even had a chance to utter “Now, let’s talk about...”.
Introduce the need. Why do they need a product like Life Insurance?
Tell clients buying a house that is actually a condition of the Mortgage Offer, talk about leaks in flats. Plant the seed, let it grow.
Educate the client through Case Studies, Blogs and the risks involved when not taking a policy. Content is key here.
Combining a good email campaign with the advice and expertise of your broker is a killer combo.
A Good set of emails can work magic here, nurturing the client to engage with articles, blogs, case studies and indicative quotes.
This is the hard bit. For those introductions who just don’t pick up the phone or respond to your broker referrals, we’ve got it covered.
Meet Parker has a digital tool that can contact these clients through any Social Media Channel, Telephone, Email or SMS, with a link to find out the cost of life cover and apply for the policy there and then on the spot.
Did you know the average WhatsApp open rate is 98%? With Parker – we have a 24/7 AI Chatbot plugged in, meaning your brokers can spend more time doing what they do, Points 1 and 2 above.
Give it a try Here
This list is formed from Meet Parker’s own experiences, conversations and feedback from advisers. It is only a small snapshot of technology in the industry and no recommendations are being made for the use of any product, supplier or system.