When it comes to navigating the market and understanding complex insurance options, clients sometimes need a little helping hand to find the right solution that will meet their needs.
Introducers act as the insightful middleman, connecting clients to financial service or insurance providers like Purbeck who can offer them financial products or insurance policies, such as personal guarantee insurance (PGI) that will best cover their circumstances.
The reliability of an introducer depends on the level of support you can provide your clients, which is why you need to be knowledgeable of the highest quality insurance solutions.
In this blog, our experts explore the strategic advantage of becoming an introducer and the value of partnering with a PGI provider for your clients.
Who are the different types of introducers Purbeck work with?
At Purbeck, we collaborate with introducers from various industries, informing their clients about the availability of PGI; a solution they may not have previously known existed.
While accountants offer a wide range of professional services, from advising on tax strategies to preparing financial statements, another value add may extend to is alerting your clients to the potential risk of signing a personal guarantee without insurance.
As a financial broker, it’s crucial to guide your clients through financial policies such as business loans. When securing funding to invest in their business, directors are often required to sign a personal guarantee. Offering PGI as a solution to mitigate potential risks will give your client peace of mind.
At Purbeck we’re often surprised by how relatively few insurance brokers are aware of PGI, limiting the level of service for their clients. Being able to offer PGI as a solution to reduce business risk means you can improve your offering as well as gain access to new business relationships.
When it comes to securing a business loan, the thought of putting personal assets at risk can make some clients wary of signing a personal guarantee. Not only does a PGI offering ease these concerns, covering up to 80% of the value of the assets, but it also provides a level of security for the lender too.
Due to the potential risks that come with signing a personal guarantee, it is often a requirement that directors seek independent legal advice. As a solicitor, you should be able to inform your clients about the best solutions available for protecting their assets, including PGI.
What are the benefits of becoming an introducer?
No matter what type of sector you work in, from accounting to legal services, there are numerous benefits to becoming an introducer that enhance both business and professional growth. Here are the 4 key benefits:
Provide innovative solutions
PGI is a relatively new form of insurance which means your clients may not be aware that this solution is available to them. As an introducer for Purbeck, you can provide this innovative coverage when signing a personal guarantee. With this level of security, clients may also be more comfortable making further financial agreements.
Dedicated account manager
If you are considering becoming an introducer, it’s understandable to have concerns about how it could impact your capacity. However, being an introducer doesn’t mean you will suddenly have to start managing insurance policies on top of your other commitments.
Once you have referred your clients to Purbeck, we will take the reins, assigning you a dedicated account manager to handle your client’s policies, as well as provide you with any necessary support.
Another key advantage of introducing PGI is the opportunity to earn a commission for successful introductions.
Becoming an introducer for us also allows you a level of flexibility. There are a range of ways to introduce your client to Purbeck so they can work with your existing processes.
How to become an introducer with Purbeck
To ensure that the process of becoming an introducer runs as smoothly as possible, we have provided a range of resources and tools including application forms and detailed guides, to ensure you have sufficient support.
You can download these resources here.
Give your clients business confidence with PGI from Purbeck
No matter what sector you work in, becoming an introducer gives you to the opportunity to offer your clients a whole new level of service, ensuring they have innovative insurance solutions available to them.
If you have any questions about becoming an introducer on behalf of Purbeck, don’t hesitate to get in touch with a member of our team today.