As the UK heads towards a post pandemic era there is much to be optimistic about. At the same time however, the insurance industry is operating in one of the toughest economic environments in living memory and the deepest recession in 300 years. Amidst this backdrop we stand together with our partners, providing a range of support options including learning and development opportunities to assist brokers achieve their growth ambitions.
As outlined in findings from the Premium Credit Insurance Index, there is significant opportunity for Insurance Premium Finance (IPF) to be integrated into the customer journey helping facilitate new business for brokers whilst at the same time, giving wider payment options to their customers. Effective use of IPF can benefit both brokers and their customers creating wider access to valuable insurance cover.
Support for brokers
Throughout lockdown our Capability Team has supported thousands of broker employees in online training sessions and going forward, we look forward to re-introducing our face to face sessions when government guidelines permit.
Premium Credit’s ‘Live’ online training helps insurance brokers reach their personal development requirements through a series of webinars designed to improve a wide range of skills, not just those associated with selling premium finance. All courses are created with the broker in mind and delivered by a member of the Capability Team from a virtual training room.
Like our original face to face training, we offer support to our broker partners with blended training enhancing soft skills such as questioning and listening techniques; sales tips; how to achieve service excellence; developing communication styles - to name just a few, and all include CPD accredited material. We also provide support for everyday operational needs such as how to process credit applications via our online platforms plus hints and tips on how to offer finance.
The sessions are not only dedicated to providing our partners with premium finance support but also helping our broker partners grow their books, increase retention and improve their income stream.
Our team supports nearly 3,000 partners across Britain. We use expert knowledge alongside market insights to design and deliver fresh new material that reflects changes in the market, the economy and continue to support individuals through the impact of remote working.
Regulatory requirements have resulted in changes to procedures such as forbearance and so therefore training has also been provided in this area to ensure that our partners are aware of the facilities available and how to support vulnerable clients with their finance agreements during the pandemic.
Results
A total of 7,000 insurance professionals were trained in 2020, contributing to both professional development and strategic goals of driving premium finance penetration.
For three of our larger partners, our training helped increase premium finance net advances by over 50%. This training is also valuable for smaller brokers and can create significant opportunity to build new business.
By creating new, relevant modules, and developing existing material, we’ve provided our partners with no fewer than fifteen, 60-minute modules, ranging from Premium Credit specific training, including systems, processes and holding confident discussions about our product, through to industry led topics to improve knowledge and competency levels when discussing market conditions.
That coupled with the non-Premium Credit related topics, our partner delegates have been given a new experience of remote learning and has kept them coming back for more, even extending to wider broker networks asking for support!
Can we help?
We are engaging with a wide range of our partners, whether large multi-site brokers or smaller, independent operations. So if you would like to speak to us about free training options for yourself or your teams, please email us on capability@pcl.co.uk
