Paymentshield’s Adviser Hub platform has created a 10% average increase in quote-to-sale conversion, six months after the firm introduced a new quote journey.
The Adviser Hub includes quote technology, customer management tools, data and a referral option, and underwent a series of upgrades earlier this year to improve its quotation capabilities and user interface experience.
The total question set was reduced from 49 to 18, while Paymentshield has also been sourcing key additional property data from global data provider LexisNexis Risk Solutions to automatically populate information such as property type and build year.
This was in addition to the removal of questions that have nominal impact on price and quotability, such as the number of windows or door locks.
In Paymentshield’s recent Adviser Survey, conducted with more than 500 advisers, 64% said the new journey was a significant improvement, and 42% said it made them more likely to offer their clients a home insurance quote.
89% of respondents agreed with the statement that “an accurate quote that doesn’t jump up in price at application is more important than a fast one.”
Use of Paymentshield’s Adviser Hub spiked by over 200% this year.
Chris Ainsworth, financial adviser at Nicola Mitchell Mortgages & Protection, said: “Previously, I had stayed away from GI as I felt it was too time-consuming, but now after trying the new upgraded quote system, it is significantly better.
“It offers a much easier and smoother journey with a reduced number of fields to be populated. I have now made a conscious effort to include GI in conversations with clients due to these system changes.”
Paymentshield delivered further enhancements to the Adviser Hub this month to improve functionality and navigation of the platform, informed by focus groups with advisers.
Louise Pengelly, proposition director at Paymentshield, said: “Adviser Hub has offered advisers significant benefits since launch and we’ve continued to innovate since then to provide further improvements based on changing market needs and user feedback.
“Our recent tech enhancements, which also include the launch of our referral option, have had a focus on making it easier for advisers to offer general insurance to each and every one of their clients – even with the challenges of today’s market.
“They also help advisers to access insight on how their GI business is performing.
“We’ll continue to focus on striking the balance between speed and accuracy in our quote journey, giving advisers the support they need to effectively offer GI to their clients, and providing that all-encompassing level of service that Consumer Duty expects.
“I’m excited about our future roadmap of improvements planned for Adviser Hub over the coming months.”
