Covered - The Complete Circuit

COVERED
MAY 2016
HIGHER CLAIMS SUCCESS
RATE DOWN TO ADVICE
Our reaction to the ABI’s report
on claims
MEET THE REGIONAL
SALES MANAGERS
Our Regional Sales Managers are
here to help you maximise
GI opportunity
LOOKING AHEAD
Paymentshield CEO, Steve Wood, reviews 2015 and looks ahead to the rest of 2016
CONTENTS
2
3
6
7
8
LOOKING AHEAD
Paymentshield CEO, Steve Wood, reviews 2015 and looks
ahead to the rest of 2016
MEET THE TEAM
Meet our Regional Sales Managers
HIGHER CLAIMS SUCCESS RATE DOWN
TO ADVICE
James Watson reacts to the ABI’s first ever report on claims
successes
PAYMENTSHIELD CAMPAIGN
ENCOURAGES A PROSPEROUS 2016
Find out how you can get your business GI Fit
PAYMENTSHIELD SCOOPS TOP
INDUSTRY ACCOLADES
WELCOME TO
COVERED
In this edition we’re
looking forward to
the year ahead as
Paymentshield CEO
Steve Wood explains our
plans for 2016.
We’re also taking the opportunity
to introduce you to our recently
expanded team of Regional Sales
Managers who are here to help.
Plus there’s much more on the market,
our initiatives and the adviser tools
we’ve introduced in recent months
and our recent successes.
Enjoy!
Our quality service and support has been recognised by
the industry
OUR Panel will get your heart
PLUG IN AND GET GI FIT
VISIT THECOMPLETECIRCUIT.CO.UK/PULSECHECK TO REQUEST A CONSULTATION
Paymentshield and the Shield logo are registered trademarks of Paymentshield Limited (registered number 2728936) which is a
company registered in England and Wales at Paymentshield House, Southport Business Park, Wight Moss Way, Southport PR8
4HQ. Authorised and regulated by the Financial Conduct Authority. © Paymentshield Limited 2016. Asset/00452 (02/16).
2
THE YEAR AHEAD
The mortgage intermediary market has proven to be a hugely
fascinating sector since coming to Paymentshield in March 2015.
I joined Paymentshield having been
UK managing director of Ecclesiastical
Insurance for eight years. Prior to that,
I spent time at FirstAssist and was at
RSA for 20 years before that. So, I guess
you could say I’m a GI specialist who is
privileged to be broadening his horizons
in the mortgage intermediary market.
During my (first) year in this role I’ve
been impressed by the very high levels
of professionalism and knowledge I’ve
seen so far. What has struck me most
is just how vital the advice provided
to clients is, not just in terms of their
mortgage or long-term protection
needs, but in relation to getting the right
cover for their home insurance too. I’ve
experienced something of a revelation
and now recognising how difficult it is
for consumers to navigate the confusing
world of online insurance when left to
their own devices.
PUBLIC PERCEPTION
The public perception of advisers is a
key issue that the industry has to wrestle
with. Providing clients with advice on their
home insurance, income protection and
mortgages makes such clear sense, yet a
recent YouGov survey found that consumers
are more likely to play the lottery (17%) in
an effort to improve their finances over the
next year compared to the tiny 4% that plan
to seek professional advice.*
Is this is a sad reflection on today’s
society, or is this a sector that perhaps
hides it’s light too much under a bushel
for fear of being shot at? It’s a shame if
that’s the case, as consumers are missing
out on getting some really great - and
vitally important - professional advice.
I also really struggle with understanding
the sector’s approach to creditor
products. We all know about the PPI
scandal, I’ve had two texts and a phone
call offering me the chance to ’get my
PPI back’. But, using the old adage ’If it
looks like a duck…’ you have to think that
if it looks like there’s a client need and,
it feels like there’s a client need and the
regulators, trade bodies and consumer
groups tell you there’s a need - then
there’s a client need!
“
When the quality of your
proposition matches the
quality of your customers, and
you get your prices right, this
leads to long-term mutually
beneficial relationships.
”
So, even as a new boy to the sector, I
wouldn’t hesitate in challenging advisers
on this. I believe that the mis-selling
risk is overstated and the welfare state
diminishing. Therefore, I would urge
advisers who don’t currently dedicate time
and resource to GI to reconsider their
position. Otherwise, there’s a real gap in
the protection and advice that’s being
offered to clients and this can’t be good
for business or for the industry long-term.
LOOKING FORWARD
TO 2016 AND BEYOND
Next year, Paymentshield will celebrate
25 years of offering GI products to
mortgage intermediaries. Over these
years our executive team has gained
plenty of experience within the
insurance industry. It is this heritage
and experience that helps us to develop
quality GI products and to bring a strong
panel of insurance providers to the table.
I’ve witnessed the importance of having
a strong set of underwriters behind your
GI proposition. In the mortgage adviser
market, the quality of customers in terms
of claims risk is second to none. This
means that if you have a strong panel then
underwriters will want to compete, as the
business we can provide is so much better
than they can access directly and certainly
a lot better than business from price
comparison websites.
Where you have efficient systems and
good customer processes, you can
generate renewal retention rates in the
90-95% range and maintain attrition
during the rest of the year at less than
1% per month. When the quality of your
proposition matches the quality of your
customers, and you get your prices
right, this leads to long-term mutually
beneficial relationships. Moreover, it lays
the foundations for a steady, reliable
flow of income each year for advisers to
help balance the ups and downs in the
mortgage market.
It seems clear to me that the mortgage
adviser market has a great deal of
potential to grow and continue to meet
client needs with sound advice and great
products. It’s a sector I have taken pride in
joining because it also serves an essential
social purpose in helping to protect
clients, by guiding them to make informed
choices and ensuring they are better
placed to manage through the pitfalls
and uncertainties that life throws in their
direction. I’m certainly looking forward to
what the rest of 2016 will bring.
*All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,063 adults. Fieldwork was undertaken between 13th - 14th August 2015. The survey was carried out online. The figures
have been weighted and are representative of all UK adults (aged 18+).
3
MEET THE TEAM
Our recently expanded team
of experienced Regional Sales
Managers are here to help
you make the most of the GI
opportunity.
AT A GLANCE
1.
VACANCY
Scotland & Newcastle
2.
DOMINIC BROWN
East Coast
3.
MARC ORME
North West & North Wales
4.
ADRIAN NEILAN
Northern Ireland
5.
SARAH JACKSON
East Midlands
6.
GILLIAN ROBERTS
West Midlands
7.
ALISTAIR BROWN
Northern Home Counties
8.
PHILIP CROUGHAN
East Anglia
9.
ALAN DYE
London & South East
DOMINIC BROWN
MARC ORME
Dominic joined Paymentshield in 2008
as a Telephone Business Development
Manager before becoming a Regional
Sales Manager. Prior to this he spent six
years working for a property developer
and estate agent.
Marc joined Paymentshield in 2010 as a
Telephone Business Development Manger
before progressing to his current role as
Regional Sales Manager.
ALISTAIR BROWN
PHILIP CROUGHAN
Alistair is one of our most recent recruits.
Before joining Paymentshield in 2015
he spent 12 years working as Financial
Adviser as well as fulfilling roles with
Zurich Advice Network (Openwork).
Philip is another new Paymentshied
recruit who has previously worked for
Woolwich and Halifax Building Societies
as well as spending time with Legal &
General, Zurich and Friends Life.
EAST COAST
[email protected]
NORTH WEST
[email protected]
10. DEAN MARSON
South Coast
11. NEIL PARFITT
South West & South Wales
1
NORTHERN HOME COUNTIES
[email protected]
4
3
2
EAST ANGLIA
[email protected]
5
11
4
6
10
8
7
9
To arrange a meeting with your Regional S
ADRIAN NEILAN
SARAH JACKSON
GILLIAN ROBERTS
Prior to joining Paymentshield, Adrian
spent 18 years with Nationwide as a
Branch Manager and has also held
positions with UCB Home Loans and My
Deposits.
Sarah is one of our latest recruits. She
joins the Paymentshield Sales team
having spent 11 years with Mortgage
Intelligence. She has also previously
held positions with Bristol and West and
worked as a Para Planner and General
Insurance Adviser.
Before joining Paymentshield, Gillian
spent 22 years at Halifax in various
roles. She has also held positions with
Bank of Scotland Mortgages; worked in
Geneva as a Wealth Manager and been
a Mortgage and Protection Adviser at
Lloyds Bank.
ALAN DYE
DEAN MARSON
NEIL PARFITT
Alan joined Paymentshield after
spending 19 years with NatWest Bank
and a further two years at Barclays
Bank. He has also held positions with
Sainsburys, Coutts and Co and Royal
Bank of Canada Wealth Management.
Dean joined Kensington Mortgages as a
BDM from Halifax in 1999 and has been
in the mortgage industry ever since,
joining Paymentshield in 2015.
Neil was a Financial Adviser for six
years, followed by 12 years as a Business
Development Manager for Protection
Companies such as Bright Grey and
AXA. He spent three years running an
alternative investment business before
joining Paymentshield.
NORTHERN IRELAND
[email protected]
LONDON & SOUTH EAST
[email protected]
EAST MIDLANDS
[email protected]
SOUTH COAST
[email protected]
WEST MIDLANDS
[email protected]
SOUTH WEST & WALES
[email protected]
Sales Manager please call our Sales Team on 0345 0615 700
5
PAYMENTSHIELD’S
HIGHER CLAIMS
SUCCESS RATE DOWN
TO ADVICE
meet their requirements – something an
adviser would immediately highlight to
them.
James Watson, Sales and
Marketing Director at
Paymentshield - reacts to the
Association of British Insurers’
first ever report on claims
successes and discusses the
benefits of advice during the
sales period.
“It was extremely interesting to see the
Association of British Insurers’ (ABI) first
ever report into insurance claims success
rates, which states that one in five home
insurance claims are refused.
“This is clearly going to be a concerning
statistic for many home owners.
However, it’s important to remember
that this situation is not because insurers
don’t want to pay out valid claims; rather,
it’s due to many customers submitting
claims for incidents not covered by their
policy. All too often this is because of
confusion over what their standard cover
provides. For example, a recent YouGov
survey, commissioned by Paymentshield,
indicates that 21% of those surveyed
were ‘not very confident’ or ‘not at all
confident’ that they understood what
their building insurance policy covered
(16% and 6% respectively).
“Another element of confusion among
consumers is that they are claiming for
an element of cover, such as accidental
damage, that they didn’t add to their
policy when they took it out – perhaps
in an effort to keep the cost down. This
is just one of the many examples where
customers have taken out policies that
could result in a refused claim, because
the level and scope of cover didn’t
6
“One of the main reasons for this
confusion over what is and isn’t
covered is that insurance purchases
via aggregator websites have been on
the increase for a number of years and
these sites focus heavily on the price of
products, as opposed to the benefits
of individual policies. As a result, many
customers are left clueless about the
actual features and benefits of the
insurance products they’re purchasing
and are rarely given clear examples of
where they will and won’t be able to
make a claim.
“However, by seeking the advice of a
professional, consumers can rest assured
that they are guided through the sales
process thoroughly and will be provided
with a much better understanding of
exactly what they’re purchasing.
“The value in advising customers
correctly at the beginning of the process
has a wealth of benefits. Customers
are able to discuss and ask questions
about what policy is right for them and
the adviser can talk them through any
additional cover that might be available
to them. This means they understand
the additional value of these elements,
rather than just seeing them as an extra
cost.
“It then means that when it comes to
making a claim, there are less surprises.
Paymentshield can confirm that our
average rate of claims payout is currently
above 80 per cent and this in turn helps
to create increased customer loyalty;
indeed, four in every five Paymentshield
customers stay with us when invited to
renewal.
“This issue is demonstrative of how
beneficial it is to educate customers
on the benefits of obtaining sound
advice, not just for their mortgage but
also for their home insurance to protect
their investment. Advisers can easily
demonstrate the value they bring with
some real claims situations where quality
home insurance makes a difference
along with examples of where going
online to find the cheapest insurance
possible might not pay off when they
really need it.”
HARMONY
HOUSE
Show your clients why
it’s important to have
quality Home Insurance
by taking them on a
guided tour of our new
interactive support tool,
Harmony Home.
As you explore you’ll be
able to see all the benefits
of our 5 Star Defaqto rated
Home Insurance.
Harmony Home also
provides you with practical
examples of where optional
extras such as Accidental
Damage cover and Home
Emergency cover may
come in handy, making it
easier for you to explain the
benefits of these valuable
policy additions.
PAYMENTSHIELD CAMPAIGN
ENCOURAGES A PROSPEROUS
2016 FOR ADVISERS
At the start of 2016
Paymentshield launched a
new initiative aimed at further
supporting the company’s
network of advisers and boost
their income.
campaign, comes following a successful
2015 for the insurance provider, which
saw its prices continue to fall, a sales
recruitment drive and the company’s
best ever month for quotes and
submissions on its home insurance
product, which is now underwritten by a
panel of nine insurers.
great level of service that we have
gained a reputation for. Helping advisers
to make the most of their GI opportunity
is integral to what we do and as our
sales team expands and our average
Home Insurance prices fall, it’s easier
than ever for them to capitalise on the
opportunity.”
Paymentshield has been focussing on
how advisers can actually gain more
pounds this year by becoming ‘GI Fit’
and accessing their untapped general
insurance potential.
James Watson, Sales and Marketing
Director at Paymentshield, said: “As
we continue to grow and improve our
proposition, it’s important that we remain
committed to supporting advisers.
Advisers can get ‘GI Fit’ by requesting
a GI pulse check call via www.
thecompletecircuit.co.uk/pulsecheck
As part of the ‘GI Fit’ campaign,
Paymentshield is offering advisers
a complete workout from one of
their ‘personal trainer’ business
development managers. Each adviser’s
dedicated BDM will work with them to
understand their business, help identify
opportunities and provide support and
guidance wherever needed.
The launch of this latest initiative,
which is part of the Complete Circuit
“
This campaign allows us
to remind them of the
benefits of working with
Paymentshield and how we
can support them to grow
their GI sales and ultimately,
their business.
”
“Our success relies on building longterm relationships and delivering the
TIME TO GET
COMPETITIVE
OUR NEW SUPPLEMENT GIVES YOU THE COMPETITIVE EDGE
It's always useful to know what the competition are doing
and our latest supplement not only helps you size up the
price comparison websites, it also highlights the competitive
advantage you have over them.
Whether it’s a meerkat, robot or opera singer find out why
they don’t have all the answers in our new, free whitepaper.
Visit www.thecompletecircuit.co.uk/whitepaper
7
PAYMENTSHIELD RECOGNISED
FOR 5 STAR SERVICE
At the recent Financial Adviser
Awards, Paymentshield was
just one of 13 companies to
be recognised as providing
advisers with a five star service
in the Life & Pensions category.
Paymentshield were also given the
accolade of ‘most improved’ which is
testament to the hard work spent driving
additional improvements to an already
solid offering during 2015.
Jon Bowen, Paymentshield Chief
Operating Officer commented, “This
award is a fantastic indication of how
well we are performing. It is brilliant for
all involved, that our commitment to
delivering the best possible proposition
for advisers and customers has been
recognised.”
“
This is just the beginning.
Our sights are set firmly on
continuing to improve both
our products and the service
we deliver to ensure we
consistently deliver a five star
customer experience.
”
One of the ways Paymentshield ensure
a culture of excellence is via a new in
in-depth induction programme which
has been rolled out throughout 2015.
New employees are trained for up to
seven weeks before going into their new
roles which has started to show positive
results in customer outcomes.
(From left to right) Sean Shiels,
Julia Paterson, Emma Green and
Adam Ryan collecting Paymentshield’s
‘Best General Insurance Provider’
In addition, Paymentshield continues
to see a reduction in the number
of customer complaints, thanks to
the work it has done in highlighting
potential areas of improvement for the
business. These approaches are just
a number of the ways Paymentshield
continues to drive high quality service
to both advisers and their clients.
The Financial Adviser award came
less than a week after Paymentshield
scooped the ‘Best General Insurance
Provider’ Award at the Annual Pink
Service Awards and just a few weeks
after Paymentshield was awarded ‘Best
General Insurance Provider from Tenet.
Plus, in the first few weeks of 2016
Paymentshield has already been named
Best GI Provider at Personal Touch
Excellence Conference & Awards and
‘Best GI provider’ at First Complete’s
annual award ceremony.
Best General
Insurance Provider
KNOWLEDGE IS
POWER
Find out how you can take on the price comparison
websites and come out on top by helping your clients
compare apples with apples.
Visit www.thecompletecircuit.co.uk/compareapples
GET FIGHTING fIT WITH OUR LATEST VIDEO
This document is intended solely for use by Directly Authorised or Exempt Firms as defined by the Financial Conduct Authority and should not be given to the general public. Paymentshield and the Shield
logo are registered trademarks of Paymentshield Limited (registered number 02728936) which is a company registered in England and Wales at Paymentshield House, Southport Business Park, Wight Moss
Way, Southport PR8 4HQ. Authorised and regulated by the Financial Conduct Authority. Telephone calls to Paymentshield may be recorded for security purposes and monitored under our quality control
procedures. © Paymentshield Limited 2016. 00503 (05/16).