If advisers are uncertain about the quality of service they will receive from insurers they will reduce or even stop talking to customers about protection, the Association of Mortgage Intermediaries (AMI) is warning.
As a result, the trade body urged insurers to invest more in their systems, processes and underwriting following the adviser survey for its third Viewpoint report.
When asked what they most valued from providers, 42% of the 254 independent financial advisers and mortgage advisers quizzed wanted quicker processes and systems and 22% wanted better underwriting.
Just 12% said access to broker consultants was top priority, only 7% chose training and 6% said sales literature.
AMI senior policy adviser Stacy Penn (pictured) said the results highlighted an area of attention for insurers and could affect how willing advisers were to pursue protection conversations.
“My view is that advisers aren’t saying training isn’t important, but at this moment in time they feel processes and underwriting should receive more attention from insurers,” Penn said.
“If advisers feel uncertain over service levels they may not feel as confident advising on protection. If you’re a protection-only adviser you don’t have much choice but to carry on.
“Whereas if you’re a mortgage adviser and the process feels tougher than usual you’re not going to write as much, if at all,” she added.
Opportunity to review training
Echoing these results, when asked what would make them feel more confident when advising clients on protection, the top answer from a multiple-choice list given to intermediaries was better direct dialogue with insurers (35%).
Next came online resources (32%), better resources and sales aids (27%) and better products (22%).
Better training (20%), more online training (19%) and more face-to-face training (also 19%) then trailed behind.
When specifically considering training options offered by providers, nearly half (46%) of advisers agreed they preferred virtual training over in-person training, against 31% who disagreed.
“There’s an opportunity for insurers to review their training formats in a post-pandemic world,” Penn added.
