He said: “For the financial industry and wider UK, the past 18 months or so have been eventful. We’ve seen exceptionally low interest rates, limited supply of credit and many large and historically financially strong banks on the brink of collapse.”
But, says Elvish, brokers selling GI have managed to keep their businesses afloat, and some have reported an increase in sales post recession. He said: “They showed determination to fight their way through the difficulties in the industry, with many working harder than ever to obtain new clients in a thinning market.”
Elvish says those brokers now need to make sure that they’re making the most of those hard earned sales by retaining the customers year on year, adding: “We have always recommended that our brokers check in with existing customers over the phone or face to face at least once a year to check that the policy they have is still suitable and they still have adequate cover in place.
“It’s also a good idea to ask customers about any security measures they’ve taken in their home which could lead to a discount on their premiums.”
For brokers who, to date, have overlooked GI, Elvish is keen to highlight how much money has potentially slipped through the net.
He says there is an opportunity to earn around £25,000 per annum.
“Selling GI can earn brokers a high income for minimal work in what has become such a tough market,” he said.
The British Chamber of Commerce predicted that the UK unemployment rate will reach 2.65 million later in 2010 and Elvish says that presents opportunity.
“There is still a real need for unemployment cover and with reduced disposable income, more and more people will be looking to get the best value cover for their money.”
