Blogs

Cost versus value - Scott McLoughlin, Account Manager

 

Our Account Manager Scott McLoughlin spends a good portion of his time supporting you our advisers, on your GI journey (as well as enjoying a coffee and a chocolate biscuit too!). He recently attended the annual Primis conference at Wembley Stadium, where Lenders and Providers showcased their products, propositions and market views, so our Marketing team caught up with him to find out more.

Difficult market conditions

We know the market is ever changing for Advisers and we understand the difficulties they may face during a cost-of-living crisis and sometimes why GI is not at the top of the priority list.

Insights gleamed from the day were concerned with a strong performance at the start of the year, as purchases have continued, but there were highlights showing that Advisers needed more help within the re-mortgage section from a GI perspective.

Consumer Duty, Fair Value and the cost-of-living crisis were also hot topics during the day, with a consensus that most have now accepted that products and services cost more, but Advisers still need help in delivering this to their clients.

Cost versus value

Scott had the opportunity to present at the event about the increase in insurance premiums (we hope you didn’t miss the part about the cost of a chocolate bar) and how we can support with objection handling when selling GI. 

A well-liked chocolate bar (Scott’s a big fan) that used to cost 10p now costs 25p! Scott asked if you’d still pay 25p for a chocolate bar or 10p for an alternative? He posed the question about brand and the familiarity of a product and if this is still the most important aspect?

He then explained that the same logic is very important in Home insurance too - paying for a product that you feel confident in, puts you back in the position you were in, before the event happened. This versus paying £10 per month and not feeling confident you’d receive the same value.

 

 

Insights from the day

Scott also took away some further insight from the day, from some of the guest speakers:

  • keep evolving yourself
  • treat any challenges in isolation, so you can learn and prepare for the future

We know how important it is that your clients are protected for the unexpected and by having those GI conversations will benefit you, our Advisers – from extra revenue streams, additional touch points to better understandings, we’ll help you bridge any knowledge gaps with our dedicated teams. We really do understand the value of an Adviser as you are at the forefront of your clients GI Journeys.

 

Say hello

If you do see Scott at any events, please say hello and enjoy a good debate about the cost of chocolate bars (he'll always have a cup of coffee and a chat) whilst explaining the benefits of selling GI as an Adviser. 

Thanks for reading!

LV= GI Intermediary Marketing Team