Rolling out over the next six months the new SMS service includes information on renewals, cancellations, new business and commission status.
Bruce Reid, managing director of Select & Protect, said: “We know the financial services market is incredibly competitive as firms vie for the attention of the customer. Often the first product to be moved is home insurance with price sensitive messages and short-term incentives ignoring any reduction in the quality of cover.”
Reid said the new service would help its intermediary customers recognise when their client is being targeted and react swiftly to retain the business.
The first of these services notifies the adviser when a policyholder cancels their policy. Select & Protect now contacts the adviser who sold the case to let them know that there has been a change. This is followed up with an email that gives useful advice to the adviser should they want to contact their client and understand the circumstances behind the change.
Reid added: “Advisers are becoming more reliant on their existing client bank to generate income for their business as prospecting in the new regulatory climate becomes more challenging. What we don’t want to see is the adviser have their client bank erode simply because we aren’t communicating changes we receive from the policyholder.”
“Select & Protect already has a comprehensive retention programme but sometimes our activity is just not enough,” said Reid. “That’s where we see the adviser playing an important role in helping keep their client and just one reason why we have launched this new service.”
Intermediaries who want to benefit from this service need to make sure they have an accurate mobile telephone number and email address on the Select & Protect website.