Paymentshield has published its 2024 Adviser Survey, revealing a significant shift in the importance of General Insurance.
For the first time, less than half of advisers report missing opportunities to discuss GI with clients—a 12% improvement from four years ago. This shift is potentially driven in part by the introduction of Consumer Duty, with 94% of advisers now recognising GI discussions as a vital part of fulfilling their responsibilities to clients.
The landscape of General Insurance (GI) is evolving, and with it comes both challenges and opportunities for advisers. Price sensitivity remains a significant hurdle, with 90% of advisers noting that clients are more price-conscious than ever. This increase in price awareness has led some advisers to shy away from GI discussions, fearing they can’t compete with comparison sites.
However, the report’s data shows that over a third of advisers have seen GI become a more important source of income in the past 12 months. Clients, too, are increasingly seeking advice on GI, with over half more likely to request it than in previous years. This growth in demand highlights the evolving role of GI from a secondary offering to a central pillar of comprehensive financial advice.
To find out more and read the results, download Paymentshield’s Adviser Report here.