Paymentshield introduces a new, optimised home insurance quote journey that brings greater efficiencies for advisers while ensuring they can still deliver the best outcomes for customers. 

The enhanced quote journey, now live in the Adviser Hub platform, asks fewer questions than before, meaning advisers can now generate a quote for their client in less than one minute. The total question set has been reduced by over half, with advisers finding they can now complete the quote journey in as little as 40 seconds.    

To facilitate this, we’ve sourced key additional property data from global data provider LexisNexis Risk Solutions to automatically populate information. This includes property type, build year, number of bedrooms and bathrooms, wall type and brick type.

To further optimise the online experience for advisers, we’ve also removed questions that have minimal impact on price and quotability. This includes questions customers typically don’t know the answers to, such as the types of window and door locks on their property, and repetitive personal information, such as marital status and property occupancy.

Designed by our own in-house UX Team to ensure the right balance is struck between speed and detail – and, crucially, that it still arms insurers with the information they need to produce a competitive premium.

As well as providing the new quote journey via our Adviser Hub, we’ve also developed our API offering so our integrated partners can deliver the same improved GI experience within their own platforms.

This latest digital enhancement directly responds to feedback from advisers requesting a quicker and easier means of producing quotes. In a survey we conducted with over 300 advisers, one quarter (24%) said they’d like to see fewer questions in the Home Insurance quote journey, and one-fifth (21%) said more data integration to reduce the amount of information they have to key in would be beneficial.

It also allows advisers to fulfil an important role, plug knowledge gaps, and add value to the client relationship. In a recent YouGov survey, we commissioned and conducted with 2139 UK adults, one-quarter of respondents (26%) said they’d be unconfident they would understand what a policy covers if they purchased one from a price comparison site – highlighting the risks posed by a DIY approach to GI.*

Before its launch, the remodelled quote journey was Beta trialled with The Openwork Partnership’s 4600+ advisers.

Louise Pengelly, Proposition Director at Paymentshield, says:

“Striking the right balance to ensure both our adviser and customer audiences receive the best possible experience has been a core priority for Paymentshield throughout the development of our new home insurance quote journey. 

“We’re confident we’ve got it just right to enable advisers to deliver quick, accurate and competitive quotes. We also know from our market research that there is a strong appetite from consumers for expert advice and financial reassurance this year, and our approach with the new quote journey enables advisers to still do just that. GI is a really important financial decision and our new journey keeps advisers at the heart of that, giving GI the attention it deserves.”

Thomas Joseph Foy, a mortgage and protection adviser at Thomas Foy Financial, trialled the new quote journey as part of the Openwork pilot. He comments:

“In the past we’ve had fairly low penetration with home insurance, as we’ve been sending out data capture forms and not getting them back, or the client just hasn’t known some of the answers to the questions when we’ve tried to quote face-to-face. Paymentshield’s new quote journey addresses this as many of the questions will already be answered, allowing us to complete more quotes in face-to-face meetings and get them submitted as soon as possible.”  

All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 2139 adults. Fieldwork was undertaken between 14th - 15th February 2023.  The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
*Total sample size of the April 2022 survey was 2059 adults. Fieldwork was undertaken between 1st - 4th April 2022. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

Login to Adviser Hub to try out the new optimised quote journey.

Article last updated: 14/06/2023

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