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Why you need business car insurance if you drive for work

Business car insurance is essential if you’re required to drive your car often for work purposes and need more cover then what the standard car insurance offers.

How mortgage lenders can stand out in a competitive market

Taking out a mortgage is the biggest financial commitment anyone can make. It requires a lot of trust between the borrower and the lender, good communication, negotiations and hard work.

How to build your very own Vitality-like offering for individual policyhold

Health and life insurance giant Vitality appeals to many individual policyholders, due to their reward scheme and encouragement of a healthier lifestyle.

How to build your very own Vitality-like offering for businesses

Vitality’s business model has been taking the business world by storm. With its unique offerings encouraging employees to stay healthy while being loyal to their platform, it’s no wonder other private health insurance companies are wanting to ada

10 touchpoints you didn’t know our loyalty platform could do for you

Customer loyalty platforms for brokers have been growing increasingly popular as a way to retain business and engage customers.

How to Increase Policyholder Retention & Referrals

It can be difficult retaining business and if your insurance brokerage has noticed a drop in policyholder retention and referrals it’s time to put in some extra work to differentiate yourself from other businesses.

How to Build Customer Loyalty in Insurance

Like with any business gaining and maintaining customers is essential, otherwise the company can ultimately collapse. Building a base of loyal customers will almost guarantee repeat business, willingness to renew at a higher price and recommendations

5 things you need to start an insurance brokerage in 2020

Considering starting an insurance brokerage in 2020? If you’re an insurance agent with an entrepreneurial mindset wanting to take the next leap in your career by owning your own independent brokerage and running it how you see fit, then you need to

How to Offer Insurance to High Net Worth Individuals?

Considering starting an insurance brokerage in 2020? If you’re an insurance agent with an entrepreneurial mindset wanting to take the next leap in your career by owning your own independent brokerage and running it how you see fit, then you need to

What Platforms and Tech should IFA’s be Using in 2020?

Many independent financial advisors are looking to change the way they do business by using a platform that makes life easier for both them and their client. With the ever-evolving market and the constant development of technology and AI, using a pla

Difference between retail & wholesale insurance, what it means

Knowing whether you need retail or wholesale insurance can be an important topic for businesses. When it comes to owning a business, insurance needs to cover you for all manner of things from property and staff to public liability and service issues.

What is high net worth insurance? Everything you need to know

High net worth insurance can be a very important kind of insurance for those who want to protect their most prized items. Whether you’re investing in a car, new home or piece of jewellery that is of high value, it pays to be insured just in case an

The Ultimate guide to Loyalty Management Softwares

Customer loyalty can make or break a business, especially in certain industries where trust is everything. However, it can be a tricky thing to cultivate. Ultimately, people are driven by their own motives and often if a different brand offers a bett

The Ultimate Guide to Taxi Insurance

Having taxi insurance is essential if you’re going to be driving the public around day in, day out. Not only is it important that you cover yourself for your vehicle and any potential damage, but you’ll need to ensure that you cover the public to

Business car insurance is essential if you’re required to drive your car often for work purposes and need more cover then what the standard car insurance offers. 

Many UK drivers are unaware of business car insurance or what counts as business use of a vehicle, meaning there are potentially thousands of wrongly insured drivers on the road. Read our guide to find out if you need business car insurance and what exactly that covers.

What is business car insurance?

Business car insurance covers a wide range of uses as those who need to use their car for work-related purposes are seen as a bigger risk to insurance providers. It’s estimated that of 15,000 crashes on UK roads, 20% of those involve someone driving for business and without the right cover the right compensation won’t be received.

From travelling frequently between different locations to visiting customers and businesses, this type of car insurance is typically more expensive than standard car insurance. This is because driving for work covers many more miles than simply commuting, usually during busy periods and on unfamiliar roads, so the likelihood of you making a claim is increased.

Who needs business car insurance?

If you’re driving hundreds of miles a week using your own vehicle for work then you fall in the category of needing business car insurance. Whether that means you’re running errands during the day, allowing colleagues to drive your car, visiting clients and other businesses for meetings,  driving to different locations or any other driving on behalf of the company, you need to ensure you’re suitably covered. 

What are the different levels of business car insurance cover?

There are 3 levels of business car insurance so it’s important to do your research to find out which level you fall under. 

  • Class 1 – This covers you for driving between several locations for work such as changing between sites, meeting clients or going to meetings. This type of cover mainly includes people like care workers who are often visiting patients. While work isn’t the primary use of the car, it still needs a higher level of cover than standard car insurance.
  • Class 2 – Class 2 offers the same cover as class 1 except it not only includes you as the driver but also includes a named driver that works for the same company. 
  • Class 3 – If you’re travelling hundreds of miles a week due to work, class 3 is most likely the right level of cover for you. Class 3 covers making deliveries of sample products and is ideal for travelling salesmen. This is the most expensive type of business car insurance as the risk of accidents are greater. 
  • Commercial – A 4th level is also available which is commercial car insurance. This covers cars that are used for businesses such as driving schools or taxi drivers. 

Can you get temporary business car insurance?

If you only use your car for work purposes occasionally, or are going on a short business trip, and don’t want to spend the extra money for business cover it is possible to get temporary business car insurance. Temporary insurance will cover you for as long as you need, whether it’s for an hour or a month, giving you peace of mind that you’re appropriately covered. 

Learn more about commercial car insurance by reading our ultimate guide to taxi insurance.

If you want to use software to create personalised insurance policies and reward clients, get in touch with us to discover how our loyalty platform can help your business.

Taking out a mortgage is the biggest financial commitment anyone can make. It requires a lot of trust between the borrower and the lender, good communication, negotiations and hard work. Once the borrower trusts you it is then vital to retain their business as gaining new business in this competitive industry can be very difficult. 

With new technologies, challenges and competitors from every angle it can be hard to keep up. So, how do you stand out from the crowd as a mortgage lender in a highly competitive market? 

1. Build a solid relationship

The key to differentiating yourself from other mortgage lenders is to build a solid relationship with clients and be a fantastic communicator. With something as important as a mortgage, customers like to be updated on the status of it at all times. It can be a stressful time for the borrower so it’s important to keep them in the loop and make the process as clear and simple as possible. 

By building a strong relationship worth the client, not only will you understand their wants and needs more, but you’ll also be making them feel like a valued customer. They’ll be far more likely to use your services again in the future and recommend you to others. It’s also a great way to build a good reputation, which is crucial in the property industry. 

2. Provide a platform that adds value

Providing a platform that allows customers to have access to all the information they need about their mortgage process, as well as reward them with exclusive discounts and offers for their loyalty will really help to ensure that your company stands out from the rest. 

Our unique loyalty platform is white labelled and can be designed to suit your brand. This platform will not only keep users engaged and boost retention, but it’ll also allow you to showcase your products and win new business. Clients will be able to see and experience the benefits of using you as a mortgage lender above others. 

3. Personalise products and services

Offering personalised products and services to your customers, rather than a one-size-fits-all, by using comprehensive data analysis will ensure you’re always sending customer products they have a genuine interest in. If you’re bombarding customers with every product and service that may not be relevant to the specific person, you risk them switching off and unsubscribing. 

Having a platform, such as our loyalty platform, which includes data analysis will be able to provide targeted discounts and benefits as well as open up new selling opportunities and keeping you informed on customer behaviour. 

4. Offer exceptional customer service

One of the easiest and most effective ways to stand out from competitors is simply to offer exceptional customer service. With many mortgage lenders focusing purely on the job at hand rather than the customers themselves, they can come across as too methodical and cold. 

Going above and beyond and thinking outside of the box to find the best mortgage for your customers will show customers that you genuinely care which, in turn, will boost your reputation in the industry and potentially generate new leads.

Take a look at the unique local offers and financial services we can offer with our loyalty platform to help you retain and maintain clients.

For more information please feel free to get in touch and book a demo for our loyalty platform.

Health and life insurance giant Vitality appeals to many individual policyholders, due to their reward scheme and encouragement of a healthier lifestyle. 

If you’re looking to do something unique and innovative to boost business, it could be worth implementing a Vitality-style insurance scheme for individual policyholders to help increase retention and build trust.

What is Vitality insurance?

Vitality is an innovative health and life insurance company who reward their policyholders for leading an active lifestyle. When customers sign up as an individual, they are required to fill out a health review and then can start earning points for healthy behaviours. 

These points can be earned by working out at a Virgin Active gym which members can get discounts to through the monthly membership, walking, running, cycling and any other form of exercise with a linked activity tracking device such as an Apple Watch.

With enough points earned the individual policyholder will be rewarded with exclusive offers and discounts. This not only encourages a healthier lifestyle but it keeps the customer coming back to Vitality for more than just making a claim or to renew a policy. It keeps users engaged, motivated and incentivised which is fantastic for an insurance business.

Why is a Vitality-like offering good for individual policyholders?

On average there was a rise of 34% in activity levels for those using the Vitality reward service, compared to other insurance firms without incentives. This is a huge jump and at Stubben Edge, we understand the importance of increasing customer engagement and loyalty in order to retain business. Offering a personalised, Vitality-like reward program for individual policyholders can significantly impact your business.

With special discounts and offers customers are much more likely to renew their policy with you and recommend you to others. Even if they don’t make use of certain rewards, perhaps because they aren’t of interest to the specific customer at the time, having savings and deals available will still draw people in as they’ll be able to easily see the value.

As this is still a relatively new concept, now is the time to jump on board and create a similar, innovative insurance membership model for individual policyholders to help you stand out. 

How to build a Vitality-like offering for individual policyholders

Despite it’s rising popularity, the Vitality insurance scheme doesn’t work for every individual. For example, having only a select few prestigious gym discounts available that may not be easily accessible to those who live in rural areas, takes away one of their biggest selling point. Plus, with their premiums increasing each year and their marketing geared more toward the younger generation it loses some of its appeal. This then leaves a big gap in the market for level term programs that are tailored to older people. 

While the Vitality branding and marketing efforts are strong and their reward scheme is unique, they still lack exceptional customer service which many individuals find extremely important. With our Stubben Edge loyalty platform, you can easily build a Vitality-like offering for your policyholders that’s fully customisable and white labelled to really make it your own. With exclusive local offers, discounts and rewards that are tailored to each individual, you’ll be able to retain and incentivise new policyholders. 

Our platform also features marketing tools, the ability to add all of your products and services simply, targeting the relevant customers and increasing profits, and 24/7 communication with an online helpdesk. The Stubben Edge loyalty platform is the way forward and is ideal for building your own unique, Vitality-like offering for individual policyholders. 

Find out more about our innovative online loyalty platform for insurance brokers.

Also, take a look at our ultimate guide to loyalty management softwares to find out how to build a relationship with your customers.

Vitality’s business model has been taking the business world by storm. With its unique offerings encouraging employees to stay healthy while being loyal to their platform, it’s no wonder other private health insurance companies are wanting to adapt their models to something similar. 

Keep reading to find out how you can build your own vitality-like offering for businesses to help retain customer loyalty.

What is Vitality?

For those of you who aren’t yet familiar with Vitality, they are an innovative business health and life insurance that rewards employees for being healthy. By encouraging a healthier lifestyle, employees can earn points. The more points they earn, the higher their Vitality status which can then be turned into rewards, keeping employees motivated.

Vitality is a fantastic scheme that not only promotes health and wellness amongst workers but also builds an extremely loyal customer base. As the majority of health insurance customers only contact their insurance providers when they either need to make a claim or renew their policy, Vitality’s platform gives customers a reason to constantly interact and stay engaged. 

How does Vitality compare to other health insurance companies?

Compared to other private health insurance companies, Vitality stands out as a leader purely because of their approach to customer loyalty. At Stubben Edge, we fully understand the importance of customer loyalty and how it can significantly impact a business. While certain competitors offer both treatments and insurance, they lack active and loyal customers.

Customer loyalty means that clients are engaged and focused on your company. With great customer services, exclusive offers and forward-thinking features customers are more likely to return, keeping your company at the forefront of their minds and even recommending you to others. 

How to build a Vitality-like offering for businesses?

Despite its popularity Vitality doesn’t work for every business. This means there’s room for you to fill the gap in the market and create something unique and unmissable. One of the biggest features Vitality lacks is communication. While their marketing strategies are strong they are still fairly disconnected, with responses to customer questions taking up 72 hours. 

With our Stubben Edge loyalty platform, you can easily build a Vitality-like offering for your business. Fully customisable to your individual needs and white labelled you can really make the platform you own. With exclusive offers, discounts and rewards to retain and incentivise clients, plus marketing features, the ability to add your own products to increase profit and 24/7 communication with online help desks. 

Learn more about our online loyalty platform for insurance brokers.

With how competitive the insurance market currently is, find out what you can do to stand out as an insurance broker.

Customer loyalty platforms for brokers have been growing increasingly popular as a way to retain business and engage customers. With the insurance market being more competitive than ever, now is the time to explore the option of a loyalty platform to help you stand out from other companies. 

If you’re unsure on whether investing in a customer loyalty platform is the right step for your business, we’ve compiled a list of 10 things you didn’t know about the Stubben Edge loyalty platform to help you decide. 

1. Increase customer retention

Our loyalty platform enables brokers to offer existing clients a wide range of rewards and offers from retailers such as Hotels.com, Boohoo, Bloom & Wild and Vision Express.

These exclusive offers and benefits are a fantastic way to increase customer retention and build loyalty. If your customers can see the value in your company and can get something they can’t with other businesses, they are far more likely to renew their policies with you.

2. Win new business

Everyone loves a discount so implementing an online loyalty platform can act as a great incentive to win new business. With referral schemes, sign up rewards and targeted, localised discounts, new clients will be drawn to your business without you having to do much at all.

3. Increase profits

Our online customer loyalty platform gives you the ability to increase your profits by including your own products and services to other companies on the platform, creating a marketplace. Plus, maintaining a loyal and engaged client base can also boost profits while building a great brand reputation. 

4. Create a community

You can create your own online community and gather important insights and feedback from customers on the platform by using and promoting the forums. This feature can provide a huge value to your business as it’ll make your customers feel heard and give you the opportunity to create a unique, tailored service to differentiate yourself from the competition.  

5. Fully customisable

The Stubben Edge platform is fully customisable to your preferences and business needs. Making it a completely unique experience for you and your customers. With a user-friendly interface, local discounts and offers and easy navigation that can be tailored to your company, you’ll have a memorable platform that both staff and customers feel happy to use. 

6. White labelled

Our system is white labelled, meaning you’ll be able to showcase the best of your brand to clients and stand out in a highly saturated market. Having an instantly recognisable platform with your company’s colours and logos can help to increase customer retention and engagement rates.

7. Marketing

In today’s fast-paced world people will forget about your company if you let them. The loyalty platform provides a quick and easy way to market your own products and services. Also, by constantly improving the touchpoint of the platform and adding new unique incentives and rewards your company will always be at the forefront of customer’s minds.

8. Analytics

Learn what exactly it is your customers are looking for with our analytics tool to provide a tailored service. Whether it’s local dining discounts, motoring deals, or a new work wardrobe you’ll be able to cater to everyone’s wants and needs with our loyalty platform. 

9. Competitive edge

Many insurance brokerages still carry out their work in an old fashioned way. While there are some benefits to traditional processes, the world is quickly moving over to making everything digitally accessible. Using an online loyalty platform will give you a competitive edge over the traditional brokerages. 

10. Add your own products

The loyalty platform is a great opportunity to open up new selling options as an insurance business. By simply adding your products to the platform you can connect your customers with the relevant products and services, potentially increasing your profits and providing a personalised experience. 

If you have any more questions, feel free to take a look at our Stubben Edge loyalty platform FAQs

For a more in-depth look, book a demo to explore our loyalty platform.

It can be difficult retaining business and if your insurance brokerage has noticed a drop in policyholder retention and referrals it’s time to put in some extra work to differentiate yourself from other businesses.  

We’ve compiled a list of 5 ways to increase policyholder retention and referrals to help get your business back on track. 

1. Communication

Staying in touch with policyholders is key when it comes to retaining them and in this technological era, it’s never been easier. Adding an easily accessible contact form/details to your website, having a social media presence and providing email campaigns and newsletters will have a positive effect on business. 

When an insurance company, who aren’t usually known for good customer service, provide an abundance of communication and build long-lasting relationships, customers are much more likely to renew their policies and refer your company to other people. 

2. Email marketing 

Email marketing is a great way to stay at the forefront of your policyholder’s minds and enforce your business. As customers crave information keeping them up to date with regular emails and newsletters is bound to retain their attention.

Successfully launching email campaigns also increases your chances of repeat business too. As the majority of customers always open emails from their favourite business it’s important to focus your efforts on email marketing. With a compelling subject line and useful content, you could see a big boost to business.

3. Content creation 

Populating your website with high-quality content that adds value, entertains and answers commonly asked questions will help in retaining your policyholders and winning new business. Creating guides, helpful hints and sharing your thoughts on the latest trends will keep users coming back for more. 

By sharing your knowledge and insurance expertise you’ll quickly gain trust and be seen as an authoritative figure amongst policyholders, which can potentially increase your chances of referrals too. 

4. Customer loyalty platform 

Implementing a customer loyalty platform to reward your policyholders with exclusive discounts, offers and deals for various industries such as fashion retail, food and drink, health and leisure is a fantastic way to retain customers and show your appreciation for them.  

A customer loyalty platform can put you miles ahead of your competitors, increase your brand recognition and improve profits too.  

5. Be active on social media 

Having an active online presence on social media will give you an edge over competitors as many insurance agencies don’t utilise these channels enough. Social media is an easy and affordable way to market your business. By posting consistently about your business, customers who follow you will be constantly reminded of your company and will be more likely to use your for their insurance needs.

 However, a lot of time and effort needs to go into social media for it to be worthwhile. Creating campaigns to keep followers engaged, measuring the success and the growth of the channels and having a schedule of content are key in building a large and loyal following.  

Make sure you post relevant content that your followers will find useful and engage with people to maintain policyholder loyalty, improve customer service and find new potential leads. 

Read our take on how insurance brokers can stand out in a highly competitive market.

 Interested in finding out more about customer loyalty platforms? Take a look at our website for everything you need to know.

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It shouldn’t come as a surprise that the insurance industry faces growing challenges in keeping customers loyal. With many clients viewing insurance simply as a dull, necessary task, paired with certain insurers known for bad customer service it can be difficult to build a loyal customer base. 

Like with any business gaining and maintaining customers is essential, otherwise the company can ultimately collapse. Building a base of loyal customers will almost guarantee repeat business, willingness to renew at a higher price and recommendations. 

So, how do you build customer loyalty in the insurance industry to ensure your business stays successful?

1. Be transparent with data

Understanding the importance of customer data is key in successfully gaining their loyalty. In fact, more customers will be willing to share additional information with insurers if it was worth their while with exclusive benefits. 

As customer data is a highly confidential thing, people also want to know how exactly their data will be used and how secure it is. By being completely transparent, reassuring the customer and showing your commitment to their personal data will help in building trust and, in turn, customer loyalty.

You can also maximise the value of the customer’s data by bringing it to life using third-party data such as demographic variables and transactional data to build a full view to show to clients. By analysing this data you can create unique strategies to drive renewal.

2. Offer innovative products

One of the biggest challenges insurers face when it comes to gaining and retaining customers is that the industry is highly commoditised. With so many products on the market customers are spoilt for choice, which means you need to stand out from the crowd and offer something innovative and unique to draw more people in.

Typically customers only contact their insurers when they need to either make a claim or renew a policy. As neither of these reasons are likely to excite the customer it is then down to the insurer to work hard and communicate well with them in a positive way. Positive communication, extra engagement and a personal touch will differentiate you to other insurers, putting you in the right direction to building customer loyalty. 

3. Provide a personalised experience

Every customer likes to feel valued which is why providing a personalised experience is a great way to build customer loyalty. Introducing technology such as artificial intelligence and robo advice can be extremely beneficial. Not only can these tools help automate simple tasks, allowing you more time to connect with clients, but it can also aid client bases and strengthen relationships.

Creating and delivering a personalised customer experience should be seen as a marketing strategy rather than a sales, centric tactic. The idea is to increase engagement, loyalty and for customers to see the value in your business. Setting up things such as social media channels to engage with clients on a more personal level, posting regular content on a blog that customers will find helpful and maintaining friendly customer service will make you a more memorable company and one that will likely be recommended to others.

4. Reward clients for their loyalty

Investing in a unique customer loyalty platform to reward your clients and encourage new, potential clients is the easiest and most effective way of building customer loyalty. By offering exclusive discounts, rewards and offers to customers they’ll find plenty of benefits in using your services. 

Some of the key benefits of a  customer loyalty platform are:

  • Retaining clients – a customer loyalty scheme gives your clients a reason to stay loyal to your business and ensures you stand out from the crowd.
  • Increased profits – retaining clients is good for both your company’s reputation and profits as you renew existing policy.
  • Win new business – loyalty platforms offer fantastic incentives for new customers to join, keeping you one step ahead of your competitors. 

Take a look at our blog to explore the full benefits of implementing a customer loyalty platform.

Find out everything you need to know about the Stubben Edge loyalty platform

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Considering starting an insurance brokerage in 2020? If you’re an insurance agent with an entrepreneurial mindset wanting to take the next leap in your career by owning your own independent brokerage and running it how you see fit, then you need to prepare for the amount of time, work and planning needed to ensure your new business venture is a success. 

Take a look at our guide of 5 things you need to open up an insurance brokerage company in 2020.

1. A business plan

First and foremost having a clear, concise, accurate and realistic business plan is key to building your company and communicating your value to potential stakeholders.

Your business plan should include all the information about your new company such as:

  • The founders and people responsible for the brokerage.
  • Target market
  • Suppliers
  • Competitors
  • Risk analysis 
  • Budget
  • Cash flow projections
  • Company growth forecast
  • Products and services provided
  • USPs

This plan will be used as a way to secure outside financing through loans and investors and will give you, and anyone else you may bring on, a clear understanding of your goals and ambitions.

2. Suitable office space

Choosing a suitable office space is an important factor to consider when starting a brokerage company. First look at the location, thinking about your budget, transport connections and the image you want to portray to prospective customers. 

You’ll also need to decide on whether it’s best to lease or buy an office space. Again, this will depend on your budget as well as the number of employees you currently have and how many you predict to have by the end of the year. 

Once you’ve secured your office space you’ll want to think about the culture to ensure employees are happy, comfortable and productive. This can be a challenging aspect to figure out. So our top tip is to look at what kind of office culture other successful insurance brokerages have.

3. Bespoke insurance system

Investing in a bespoke insurance system that’s simple to use, fits your specific needs and is the right technology for the job will help your business stand out to prospective clients. Lucid UX are able to use their knowledge and experience to provide white-labelled software solutions for your insurance brokerage, ensuring the system is built to handle both existing and new business from multiple channels. 

Another way you can help your company stand out from the competition is by implementing a unique loyalty platform. Using this kind of platform can help to maintain and engage your clients by offering them exclusive rewards. It’s also a great way to incentivise new clients and boost your business. 

4. Marketing and branding

To make your mark in the insurance industry you’ll have to ensure that your marketing and branding is eye-catching and instantly recognisable. Think of a brand name that perfectly encompasses your company in a snappy, memorable way, choose an eye-catching and appropriate colour scheme and striking imagery.  If your budget allows it would be worth investing in a graphic designer to ensure you’re getting the best quality branding.

It’s also vital to market yourself and your company in the best way possible by finding ways to increase your brand exposure, planning exciting campaigns and product launches and improve your website’s SEO. With a good marketing strategy in place, your company will thrive.

5. Management structure

Many new brokerage firms who haven’t considered an appropriate management structure tend to end up micromanaging their new employees or taking an extremely laid back approach. 

It’s important to decide what kind of management style you want to achieve and have a structure in place for employees to follow. Organise each employee based on their specific roles and responsibilities and use technology to easily manage workloads and make compliance a simpler process.

Read our guide on how insurance brokers can stand out in a competitive market to ensure your business is on the path to success.

Find out more about our loyalty platform and how it can help boost your business.

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High net worth individuals require specialist insurance as they are known to have more complex risk exposures and requirements in order to maintain, protect and preserve their financial assets.

As a high net worth insurance broker you should ensure that every aspect of insurance is uniquely tailored to your clients’ needs, recognising that not all insurance fits the same mould. Knowledge, expertise and outstanding customer service should be at the forefront when it comes to high net worth individuals. Enabling you to enhance and protect their wealth while gaining trust and loyalty during the process.

From jewellery to wine pretty much anything and everything can be insured and as the insurance broker it’s your job to provide personalised, bespoke solutions to meet the needs of your wealthy client. We’ve compiled a concise list of some insurance covers that you should be offering to high net worth individuals. 

1. Home and contents insurance

If your client owns a home that is valued significantly more than the national average of approximately £500,000 then it’s likely they’ll need high net worth home and contents insurance. This type of insurance requires a broker to demonstrate their expertise and inform the client on everything they need to know before they risk their most prized possessions and home.

Specialist cover may also be needed for unique properties such as listed buildings or buildings with thatched roofs.

2. Second home insurance

It’s likely that your high net worth client also has a second home, whether it’s a holiday home, rental properly or for investment purposes. Specialist insurance cover will be needed for if  the property is left empty for an extended period of time or if it includes any special features such as swimming pools.

3. High value jewellery insurance

Jewellery can be included within house and content insurance, however more often than not these polices don’t provide appropriate coverage in the event that any high value jewellery item is lost, stolen or damaged. As jewellery can be both a sentimental and valuable item to your client, it’s best to offer separate insurance with the optimum amount of coverage needed to fully protect it. 

4. Garden and grounds insurance

High net worth individuals may also need garden and grounds insurance to protect expensive items in their garden, on a balcony or on a patio that isn’t included in their home and content policy. Garden and grounds insurance can include cover from theft and damage for items such as high value equipment, plants, fountains and antique ornaments.

5. Motor insurance

Motor insurance for high net worth individuals often requires specialist advice from a knowledgeable and experienced insurance broker who understands the needs of drivers with prestigious performance vehicles, vintage cars or car collections. These types of high value cars need to be covered for a wide range of risks such as drivers and security. 

6. Marine and aircraft insurance

Similar to motor insurance, a specialist insurance broker should also offer high value insurance to someone who owns any luxury maritime vehicles or aircrafts such as helicopters, private jets, motor boats or yachts. Typical policies should cover these vehicles from theft, fire, damage and liability but may also extend to medical and any possessions kept on the boat or aircraft.

7. Art collection insurance

Many individual fine art collectors insure their valuable pieces of art under the basic homeowner policy without realising that it may not cover the full value of the collection. This is where an experienced high net worth insurance broker can demonstrate their expertise and offer appropriate cover for if an item gets lost, stolen or damaged, leaving little room for flexibility when it comes to a claim.

8. Family protection insurance

If you have a wealthy, well-known client they may want a suitable insurance to protect both themselves and their family. By offering them a high net worth family protection insurance, tailored to their specific needs and risks, that covers stalking, home invasion or abduction, your clients will be fully prepared and supported should the unthinkable happen.

If you want to retain customer loyalty by rewarding and incentivising both current and new clients, find out more information about our bespoke customer loyalty platform.

You can also read about how insurance brokers can stand out in a competitive market to boost business. 

 

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Many independent financial advisors are looking to change the way they do business by using a platform that makes life easier for both them and their client. With the ever-evolving market and the constant development of technology and AI, using a platform as an independent financial advisor is a strong way to ensure you stand out and gain new business. 

Take a look at what type of platforms and technology we believe independent financial advisors should be using and why.

What type of platforms should IFAs be using?

There are hundreds of platforms available for independent financial advisors, all of which use the latest technology and offer flexibility. Before choosing which platform to invest in, you should first consider the type of platforms available and if using this kind of software is the right choice for you. 

Wrap platforms

Wrap platforms support a wide range of integrated tax-efficient wrappers. With this type of platform, the client is the end investor and many administrative burdens are eliminated as the platform combines everything you need into one account.

Fund supermarkets

A fund supermarket is a type of platform that offers investors a wide range of mutual funds from different sources through a single platform. These platforms are still modelled on legacy books but adopt the wrap platform pricing model for any new business. 

Investment platforms

Lastly, an investment platform allows you to buy, sell and hold funds. This platform enables IFAs to view and manage each client’s investments in one place while also providing access to a wide range of offers and proposals depending on what suits the clients’ needs.

What type of technology should IFAs be using?

 The use of technology has also skyrocketed as IFAs are realising that it can be extremely beneficial in terms of cost and time management. 

 Traditionally wealth managers and IFAs have relied on their own personal networks, client referrals and events to find new business. However, as the finance industry grows more personalised, cost-effective and efficient tools are needed to keep up and remain relevant. 

 Manual processes can take up an unnecessary amount of time that could be spent better elsewhere. By using technology and platforms to help manage workload and see all the client information you need in one place, productivity will boost and business will grow as more time will be freed up to focus on more clients. 

The type of technology IFAs should be using include:

  • Artificial intelligence (AIs)
  • Robo-advice

For some IFAs, the idea of using technology such as AIs and Robo-advice can be disconcerting, but these can prove invaluable to reaching financial objectives and goals for clients.  

Robo-advice will never replace the personalised and experienced knowledge of a human, what it can do though is aid client bases and strengthen customer relationships.  

Using AI-backed technology can automate menial tasks, allowing you to spend more time with both existing and prospective clients. By embodying this kind of technology alongside the traditional advice your clients will receive the best of both worlds.

What are the benefits of using a platform as an IFA?

 Some of the main benefits of investing in a platform as an independent financial advisor include:

  • Workflow management – Platforms offer a simple and efficient way to access investments on behalf of your client. 
  • Centralised client database – Keep all information about every client in one single database, making it easy to access and lessening the amount of paperwork required. 
  • Incentivising clients – Certain platforms such as our unique, localised, online financial services marketplace allows you to reward existing clients and encourage new business by including your own offers and services to other companies on the platform.  
  • Marketing yourself – Platforms offer the ability to be able to market yourself and your products quickly, easily and affordably. 
  • Comprehensive reporting – Analyse data, predict forecasts and report your comprehensive findings all through a single platform.
  • Communicate with clients – Using a platform to communicate with clients is vastly easier and personalised with the options to have a 24/7 online helpdesk and access to email and telephone assistance. 

How can a loyalty platform help Independent Financial Advisors?

Choosing to use a loyalty platform such as Stubben Edge, can help you to stand out as an independent financial advisor in a highly competitive market. Many IFAs and financial companies will write off loyalty platforms before even trying them, sticking to their outdated methods and missing out on potential business opportunities.

A customisable loyalty platform can help independent financial advisors win new business and maintain a base of engaged, loyal clients. Not only will you be able to provide your own products and services, but you’ll also be able to reward customers with exclusive discounts and offers. These rewards can be targeted to your clients by using data analysis, making them feel valued and understood and keeping you informed and up to date on consumer behaviours.

Strengthening and nurturing relationships with clients is now more important than ever and using a loyalty platform can help you achieve that

For more information take a look at our ultimate guide to loyalty management softwares.

Also, read up on the four key benefits of implementing a customer loyalty platform.

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Knowing whether you need retail or wholesale insurance can be an important topic for businesses. When it comes to owning a business, insurance needs to cover you for all manner of things from property and staff to public liability and service issues.

Take a look at our guide to the differences between retail and wholesale insurance to help you discover the right one for you.

What is retail insurance?

Retail insurance is for businesses that operate in a retail environment and require commercial general liability and commercial property insurance. Essentially, retailers need to be protected if someone claims against you, therefore retail insurance should cover things like liability, stock, staff and public claims and much more.

It can help retailers insure their assets, so that they are protected from having to pay out huge sums to cover themselves for loss and damage. Retailers can insure their cash flow and ensure that they are protected from situations that might affect the day to day running of their business.

What is wholesale insurance?

Wholesale insurance, on the other hand, is usually for companies that require a franchise policy that covers an entire group of outlets. Within the overarching policy, individual policies will be dealt out so that each individual franchise is effectively covered depending on their independent needs.

Wholesale insurance is ideal for wholesalers who need to have full coverage across the supply chain, which can often cause more risk than a normal retail business. They may also be involved in importing and distributing products which may boost the businesses risk profile too.

Who needs retail insurance?

Every retail business will need retail insurance to cover them in the event of an accident or disruption. Retailers might opt for a bespoke service or a one size fits all solution depending on their needs, but generally, every retail outlet will need to be insured to cover themselves in the event of accidents.

Retailers who aren’t adequately insured put themselves at risk – most businesses that have an incident whereby their business is disrupted will suffer huge losses and may even shut down. Therefore, retail insurance is essential for businesses who want to protect themselves from the risks of running a retail business.

Who needs wholesale insurance?

Wholesale insurance usually covers more than retail insurance and is suited to those businesses that need a more specialist service. Often wholesale insurance will cover for risks outside of admitted carriers, thereby protecting the insured from the unexpected.

Wholesale insurance can be ideal for those who sell or trade high-risk products, sell construction products, deal with pharmaceutical or medical products and need protection against identity theft.

Learn more about how a customer loyalty platform could help boost your offering of both retail and wholesale insurance, by getting in touch today! Plus, for more information on how insurance brokers can stand out in a competitive market, take a look at our blog. 

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High net worth insurance can be a very important kind of insurance for those who want to protect their most prized items. Whether you’re investing in a car, new home or piece of jewellery that is of high value, it pays to be insured just in case anything goes wrong.

We’re looking at what high net worth insurance is, and how it can help those who need to protect themselves against theft and damage.

 

What is high net worth insurance? 

High net worth insurance is insurance for those who require a slightly higher level of protection against the theft and damage of their personal items. It could be that these individuals have a high net worth and therefore need extra protection because their general possessions are of a high value. Generally, these possessions will be expensive cars, homes and personal items such as jewellery and collectors pieces.  

It is also useful for those who are at a higher risk, and may need insurance to cover their higher risk lifestyle. This would normally be people like high profile athletes, politicians or those in the public eye. Standard insurance policies are unlikely to cover the needs of high net worth individuals and therefore high net worth insurance protects them.  

What can be covered by high net worth insurance? 

High net worth insurance can cover things like:  

  • High value homes
  • High performance cars
  • Collectors items
  • Jewellery and watches 
  • Designer clothing and gadgets
  • Boats and yachts 
  • Precious metals 

Why do people require high net worth insurance? 

People need high net worth insurance in the same way that people need regular insurance – it ensures that they are protected against the theft and damage of their personal property. 

It covers items that are high value in the event of accidents, theft, damage etc. and takes into account the fact that some items are irreplaceable. High net worth insurance is often required as it offers a more personal service that really takes into account what things are worth.

What are the benefits of high net worth insurance?

There are many benefits of having high net worth insurance, these can include:

  • A personalised policy that covers you for the harder to value items
  • Offers a common policy that covers different asset classes
  • Allows multiple property insurance under one policy, that can all be renewed at the same time
  • Agreed value on each asset is agreed in a bespoke way
  • Often they will offer a face to face service or a more hands-on approach
  • Can be used for commercial purposes too

High net worth insurance requires a unique and specialised service complete with exceptional customer service. Are you looking to localise your financial service marketplace in order to offer the best service to your clients? Take a look at the ways that Stubben Edge can boost your businesses offering. You can also read up on how insurance brokers can stand out in a competitive market for more information.

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Customer loyalty can make or break a business, especially in certain industries where trust is everything. However, it can be a tricky thing to cultivate. Ultimately, people are driven by their own motives and often if a different brand offers a better, cheaper alternative they’ll be tempted to jump ship regardless of the long-term consequences.

So, how do you build a relationship with your customers so that they want to stay true to your brand and keep buying from you? Take a look at our guide to loyalty management softwares that helps you stay ahead of the game.

Choose a platform that lets you communicate with your customers

Sometimes if a business has been around for a while they can forget to communicate in a way that remains current. However, technology is everywhere and nowadays people expect to be able to contact you pretty much 24/7. If you’re not offering this kind of omnichannel customer service then your customers are likely to feel let down.

Embracing technology is a huge part of being able to offer your customers more, whilst ensuring that you don’t have to break the bank trying to keep in touch. Adopting a loyalty management software that offers services like an online help desk that harnesses AI and chatbots to respond to requests, can be an amazing way to offer a more holistic customer service journey. 

Remember that added value is what distinguishes you from the competition 

When it comes to what makes you different as a company, businesses always seem to focus on their people and their brand being better. Whilst that’s a great answer, what most customers are interested in is how you can add value to their lives over a competitor. 

Sure – sometimes this could be with impeccable service and an amazing product, but an even more simple way to add value could be with a loyalty platform that connects them with the rewards they want.

By building a localised online marketplace to help you reward your existing clients and incentivise new customers, a platform that helps you add value on top of traditional service is important.

Try a loyalty program and see how it is received

Most companies write off loyalty programs before they’ve even tried them out, and this can be especially true for more old school industries like insurance and finance that have always operated in a certain way.

However, if you don’t invest in a loyalty management software that offers loyalty program capabilities and the option to analyse how that performs, then your business could be missing out.

With 52% of customers joining a loyalty program where one is offered, there’s reason to believe that the average consumer likes to be part of a loyalty scheme. Plus, with a loyalty management software that offers data analytics, loyalty programmes can be a great way to learn more about how your customers consume.

Look for a loyalty management software that allows you to promote your own services

Loyalty management softwares should enable you to promote your own offers as well as those of other companies. In this sense, a good loyalty management platform should be tailored to your business and offer an alternative revenue stream.

By promoting your own services with exclusive offers, you also gain the benefit of added marketing opportunities. Extending your distribution channels in this way can boost sales and broaden your reach, which should result in increased loyalty and brand awareness.

Are you looking for the perfect loyalty management system for your business? Take a look at our frequently asked questions to learn more about Stubben Edge. You can also read up on the four key benefits of a customer loyalty platform to discover how it could boost your business.

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In 1918, the influenza virus caused a pandemic, leaving more than 20 million people dead. Pandemics have occurred throughout history and appear to be happening with increasing frequency. 

Today, the current threat is from Coronavirus, also known as Covid-19. It has not yet been declared a pandemic by the World Health Organisation (WHO), but stands at three out of six on the pandemic scale, meaning that a pandemic could be declared if cases continue to rise. 

A repeat of the 1918 pandemic is expected by many to lead to a major global recession, reducing the global GDP between 1% and 10%. Most industries will be adversely affected, with the biggest damage occurring to travel companies, airlines, restaurants and bars, hotels and the entertainment industry. 

However, it is important to remember that past pandemic events like the 1918 influenza crisis occurred at times when the global economy was very different from today, meaning that it is difficult to ascertain exactly the financial consequences of a pandemic in the 2020s.

Economic consequences of the SARS outbreak

If we are unable to compare possible financial losses to those that occurred during the 1918 influenza pandemic due to the difference in the economic landscape, perhaps we can make more accurate predictions by comparing the coronavirus with SARS. 

According to a report by Trust for Americas Health, the 2003 SARS outbreak that lead to 774 deaths caused a 66% reduction in travel arrivals to Hong Kong. Cinemas in the region lost out of 50% of their revenue, and the Asia Pacific as a whole lost USD 40bn during the outbreak. The disease also caused hotel revenues to decrease by around 40%. Since then, insurers have been more cautious about covering such risks. Many insurers now place exclusions on flu-type outbreaks.

 

Impact on the insurance industry

Insurers are major investors and a global recession would impact on the investments they hold. Some expect there to be a ‘flight to quality’, where investors switch from riskier to safer assets. Corporate bond spreads may widen, while risk-free interest rates would fall in line with a flight to quality. A global recession means that there would be fewer economically active stakeholders, leading to a reduced demand for insurance. Premium income will be reduced yet many overheads will remain. Offsetting this, a reduction in available capital could result in a hardening of premium rates.

Research from various life insurers and reinsurers suggests that in the life and health sector, profitability will be damaged for several years after the outbreak, although capital is expected to be able to withstand this. The “natural hedge” against a rush of life assurance claims is that annuity payments may cease earlier than expected (due to premature death of the annuitant). This is not certain to be effective. In 1918, the pandemic affected those of working age and was little worse than a “normal” winter flu for the elderly, meaning that this sort of hedging should not be relied upon. Some reinsurers for the general insurance markets also offer life reinsurance and their profits may decrease at a time when P&C cedants are also looking to claim.

Even without the occurrence of a pandemic, three major insurance areas are already being affected by the coronavirus : travel insurance, business insurance and life insurance. According to a report by the Financial Times, it is too early to say how much they virus outbreak will cost the insurance industry. 

However, some predictions can be made. Travel insurance claims are expected to sharply increase due to cancelled trips, companies that experience disruption will expect their insurers to absorb the financial losses, and life insurers will see a spike in claims as the death toll associated with the coronavirus increases. 

Are we better equipped to deal with a pandemic situation today?

Some researchers have argued that the impacts of historical pandemics would be reduced if they reoccurred today. We have better drugs, and influenza models have been developed by many stakeholders, including the insurance industry, helping to plan in case of another pandemic. 

The WHO would coordinate a global response to the pandemic, similar to the success story of the 2013 SARS outbreak. We also have improved communication methods to better inform the public, and an overall healthier population in the developed world. 

However, others believe that the impact could actually be worse in today’s society for a variety of reasons, many linked to globalisation. Many businesses are now part of a global network of suppliers and clients. Goods and materials, including food, are transported globally, potentially carrying pathogens. The “just in time” model of some businesses may lead to shortages of particular medicines or even food. Global travel is also a big factor, allowing the easy spread of disease. 

The world’s population has also significantly increased, standing at 7.8 billion and going up by more than 90 million per year. This means that the potential pool of those infected has grown. Moreover, people are now more concentrated in cities rather than being dispersed in rural areas. Pandemics can spread quickly within cities due to density of population and large numbers commuting. There are also larger pools of those with compromised immune systems, for example those with AIDS, meaning that greater numbers of deaths are more likely. 

Conclusions

The 1918 influenza outbreak is often used as a worse case scenario, and other outbreaks are measured against it. If a pandemic comparable to 1918 occurred today, the economic consequences would be severe and the world would be plunged into a recession. 

Many types of business would be affected by a pandemic scenario, including life and health insurance. Depending on policy wordings and legal judgements, General Liability, Medical Malpractice, D&O and Event Cancellation policies may also be affected. Secondary forms of loss are also likely, particularly due to the general economic and social impacts of a pandemic situation. Insurers should plan for many different scenarios, including where the emergency services are no longer 100% efficient. 

Insurers typically calculate their capital requirements by taking different risks into account. This will be helpful in planning for a pandemic, as the global event will likely impact more than one risk area simultaneously. These risk areas include investment market risk, insurance risk, credit risk, operational risk, liquidity risk and group risk. 

To be as prepared as possible for a pandemic situation, cooperation between governments, businesses, healthcare and local communities is key. 

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The insurance market is more competitive than ever. With challenges to smaller insurance companies coming from all angles, it can be hard to keep up with the ever-evolving marketplace. Plus, as Google enters more of the insurance market, there is going to be a new version of aggregators capable of competing.

Technology and AI are now able to drive down the price of policies, automate processes and offer new and exciting rewards to customers. However, in a world where technology is reigning strong, how can insurance brokers maintain emotional connections and stand out? Perhaps there is an opportunity within the evolving world of insurance for companies to offer a holistic, personal service that delivers on all of the essentials too?

Here’s our take on how insurance brokers can stand out in a competitive market.

1. By focusing on the emotional connection

 One major advantage of the evolving marketplace is that it has made it more important for businesses to provide localised value-adding relationships. At present, nurturing relationships with clients is more important than ever and keeping up with your client’s demands can be a great way to remain competitive.

 As technology evolves, insurance companies are able to offer all sorts of niche and bespoke and exciting perks. However, at the heart of any business relationship is an emotional pull to a product or service which comes from the human relationship. Delivering a high level of service is becoming more of an imperative as the marketplace gets more competitive. 

2. Remember the power of remarketing

People are busy and they will forget about you if you let them. This opens up opportunities for your competitors to swoop in and steal your clients from under your nose.

Once you’ve nailed delivering expert service and building that rapport up, it’s essential that you reach out and keep the relationship going. By increasing the touchpoints of the insurance lifecycle, you will be able to stay at the forefront of your customer’s minds whilst also being on hand to help them out with any requests or needs. 

3. Provide a platform that adds value

 Customers want to save more and have access to their insurance policy when they need it most One of the best ways you can offer this in a really simple solution is by providing an online customer loyalty platform that enables them to see their benefits in one place.

 With a customiseable loyalty platform, you’ll allow your customers access to an array of benefits that will keep them engaged, boost retention and enable you to win new business. With a ready to go white labelled platform, you’ll be able to showcase the best of your brand and add value to your clients in order to really stand out.

4. Connect customers with relevant products and services

Following on from the last point, it’s not just about providing products and services in a one size fits all manner. To stand out in a competitive market it’s essential that you have data analysis that is able to provide targeted discounts and benefits. This allows your customers to really feel valued and understood and enhances the emotional connection to your brand.

This data analysis also doubles up as a great way to open up new selling opportunities as an insurance business and keeps you informed on their consumer behaviours.

Are you looking for the latest technology to help you stand out in a competitive insurance market? Why not take a look at the range of bespoke solutions we offer brokers?

For more information, you can also get in touch and book a call in with us today

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During a sales period, you want your customers to be buying at record speed. However, it’s essential that you put the groundwork in earlier on in the year to ensure that your big sales periods go well.

Rewarding customers all year round and building that brand trust is essential to ensuring they buy in the busier sales periods. If you’re looking for the best ways to make the most of loyalty in your big sales periods, take a look at these top tips.

1. Offer incentives to loyalty programme members only

During busy sales periods, you can assume that everyone will be buying. People are on the lookout for your product and service, therefore if you can offer them an incentive to boost sales that can be a great incentive.

A loyalty programme that is exclusively for your loyalty members can be a great way to make people feel special during a busy sales period where they will be targeted by competitors. By offering them a unique code or percentage off that is only for members, they will feel valued and more likely to purchase with you.

 

2. Time sensitive offers

During busy sales periods, people are in a hurry to get their products and get on with the rest of their shopping. Therefore, if you can pressure them (nicely!) into buying your product with time sensitive offers, this can be a great tactic.

Offers like 20% off for the next 24 hours, or a one day sale event will see customers flock to buy the product in that time frame. Everyone loves an offer and no one likes to miss out. Make the most of that logic and offer time sensitive sales incentives. 

3. Use a points incentive throughout the year

The best brands know that their loyal customers will be buying their products when a busy sales period comes around because they’ve been targeting them all year round. 

This doesn’t need to be by means of promotions and pushy offers though. No, no – the best brands will be offering important and value adding content all year round. A year way to do this is through a newsletter or service email that lets people know what you are offering and getting them excited all year round so that when the sales period comes they are already a hot lead.

 

4. Make personalised offers

During busy sales periods, everyone inboxes are full of offers and deals that are ‘unique to them’. The reality though, is that a lot of these deals aren’t unique at all.

If you really want to stand out, you need to use consumer data the right way – to bring them the deals that they want to see just in time for the busy sales period. Using a software system that tracks consumer behaviour and pulls all of that data into one easy to use platform will be very beneficial in targeting your customers in a unique manner. 

For more information on how to make the most of your customer data, take a look at the ways our software helps you build your business revenues and protect your valued customer relationships. Alternatively, if you’d like to learn more about how to build loyalty, read our recent article on how mortgage lenders can maximise loyalty.

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Having taxi insurance is essential if you’re going to be driving the public around day in, day out. Not only is it important that you cover yourself for your vehicle and any potential damage, but you’ll need to ensure that you cover the public too.

We’re rounding up why taxi insurance is essential and how you can find the right cover for you.

Why is taxi insurance necessary?

If you are involved in an accident without insurance, you risk having to pay huge amounts while also risking being out of work until your car is back on the road.

With insurance, you could be covered for things like:

  • Repairing your car in the event of an accident
  • Replacing your car if it’s stolen or damaged
  • Fixing a car that you have damaged in an accident
  • The cost that time out from work
  • The cost of personal injury
  • Damage to property in an accident
  • The cost of a courtesy car whilst yours is being replaced

These are all hugely important to taxi drivers, as they mean that you’ll be able to get back on the road ASAP and won’t lose out financially. Not only this, but it is a legal requirement to have insurance when driving a vehicle on UK roads.

What coverage is recommended for taxi drivers?

As a taxi driver, you need to cover yourself for the mileage and locations that you travel. Most normal car insurance policies won’t cover you for the distance that you will be travelling, so you’ll need to specify that you’re travelling for work purposes and
will be covering long distances.

Not only will you need to consider the distance and mileage, you need to be aware of the fact that you’re dealing with the public day in, day out. This means that you will need to be covered for public liability which will allow people to claim against your policy
in the event of personal injury or damage.

What is public liability insurance?

As mentioned, you will need public liability insurance to cover you when dealing with the public. Although it’s not a legal requirement, it is highly recommended that you get public liability insurance to cover you in the event of an altercation with a member of the public who you will be driving around.

This insurance will cover you for an array of things including but not limited to:

  • Public property damage
  • Public injury
  • Public legal costs
  • Your own damage and legal costs
  • Compensation costs to yourself and others

As you can imagine, this kind of comprehensive coverage is essential for taxi drivers who will be dealing with the public.

How can you find the right insurance for you?

If you want to find the right insurance for your taxi cab, or for your fleet of drivers, then you will need bespoke insurance policies that meet your specific needs.

To learn more about the ways that you can use software to craft the perfect insurance policies for your people, get in touch with Stubben Edge to learn more.

Take a look at our guide to loyalty management softwares to learn how you can gain and maintain customer loyalty.

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Taking out a mortgage is one of the most important and expensive loans that a person can commit to. Not only do these loans shape the way you live your life, for most of us they are the biggest financial commitment we make. For that reason, trust is a massive part of the sales process. Once a customer trusts you, it is essential to keep building on that in order to retain clients. To keep up with a competitive marketplace, it’s essential that mortgage lenders don’t take their foot off the gas as soon as the mortgage papers are signed. Here’s our take on how to maximise loyalty and keep your customers as a mortgage lender.

Offer a personalised service

Since a mortgage is such a big commitment, people want to feel listened to and understood. For them, this is a very individual and personal decision, so they want to feel like you really understand their personal needs. Although a mortgage broker might see the same issues, cases and papers day in day out, for a customer this is a unique experience that holds a lot of weight. The best way you can support them through the process is by adding value in a personal manner. This might mean delivering flexible payment options, special offers or assigning an account manager who they can touch base with when they need to. To maximise loyalty, it’s crucial that you offer a personalised service.

Deliver value in an authentic way 

This seems like an obvious one – of course adding value will maximise loyalty. However, the issue is that a lot of your competitors will be able to add value too, so it’s essential that you really point out the ways that you can offer multiple services and benefits. A great way to do this is with a loyalty platform that places all of their benefits in one place. This way, the client not only gets the basic level of service, but they can see the ways that you’re adding value above and beyond just offering them a mortgage.

Focus on personal relationships

We all know that people buy from people, and in the same sense people stay with brands because of the service they receive. After building the initial rapport that helps to make the sale, sometimes mortgage lenders can cool off and stop staying in touch with customers. This can have terrible effects on the loyalty process, especially when the time comes around to remortgage. If a customer has no real connection to your business or no face to put to the brand, then you will struggle to keep them. After all, the average mortgage lasts for 25 years, so keeping in touch throughout the process is essential in order to keep that personal connection.

Provide exceptional service 

The good news for mortgage lenders is that if you do provide exceptional service you should be able to keep your customers. That’s because the mortgage customer retention rate is a lot higher than with other industries – mainly because it’s such a big investment and such a faff to edit at a later date. That’s perhaps why 73% of broker customers use the same mortgage company again, according to Deloitte. By providing exceptional service to your customers, you make it highly unlikely that they will move away. For mortgage lenders to maximise loyalty, offering a standout service can be the difference between retaining customers or not.

Ensure that your loyal customers become evangelists 

In the mortgage world, referrals are still one of the best sources of business. Therefore, if you can turn your loyal customers into promoters of your business you can really maximise sales and boost loyalty. By becoming the broker of choice, you’ll be able to create a level of trust before you’ve even begun. Ensuring that you get customers to recommend you is a great way to win business and boost loyalty. Do you want to increase customer loyalty and boost retention rates? Why not take a look at the range of bespoke solutions we offer brokers?

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