New quote journey grows GI conversion

NEW QUOTE JOURNEY GROWS GI CONVERSION

Paymentshield Adviser Hub has seen a 10% average increase in quote-to-sale conversion and delivered a significantly improved adviser experience, six months after a new, optimised quote journey launched in the Hub.

Adviser Hub, which brings together quote technology, customer management tools, rich data and a new referral option, underwent a series of upgrades earlier this year to improve its quotation capabilities and the adviser experience.

These changes made it even quicker and easier for advisers to generate a home insurance quote, with the total question set reduced from 49 down to 18 - meaning advisers can now get a quote for their clients in a matter of seconds.

To speed up the quote process, we’ve have 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 is in addition to the removal of questions that have minimal impact on price and quotability, such as the number of windows or door locks on a client’s property.

Feedback from advisers shows the positive impact the new quote journey has had to date on their experience. In our recent Adviser Survey, conducted with over 500 advisers, 64% of respondents stated that the new journey is a significant improvement on the previous experience, and 42% said it’s made them more likely to offer their clients a home insurance quote.

Use of Adviser Hub has also spiked by over 200% this year, largely due to advisers logging in to use the new quote journey.

Chris Ainsworth, Financial Adviser at Nicola Mitchell Mortgages & Protection, is one of those advisers. He says:

“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 focuses closely on ensuring that both accuracy and speed are at the heart of its digital quote proposition – something that has consistently come through loud and clear as important to advisers. In Paymentshield’s 2023 Adviser Survey, conducted with 526 advisers, 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”.

Following the new quote journey launch, we’ve delivered further enhancements to Adviser Hub this month to improve the functionality and navigation of the platform. This was informed by user experience focus groups with advisers to ascertain how the platform could be made more user-friendly to maximise the tools and data available.  

Louise Pengelly, Proposition Director at Paymentshield, says:

“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.”