Abbey for Intermediaries is alerting mortgage brokers to the fact that they could be losing out on a market potentially worth £30 million in sales commission this year, if they fail to exploit the general insurance market.
The lender suggests intermediaries can supplement their business revenues by cross selling insurance products to homeowners, and by way of encouragement has made some changes to its Additions home insurance range.
Premiums have been reduced by an average 17% by introducing a panel of three insurers to oversee the range: Aviva, Zurich and Groupama.
In addition, from this week, home insurance add-ons are available on Bedroom Plus and New Build policies
According to the bank, only one in five homeowners purchase buildings or contents insurance when they take out a mortgage with an intermediary, leaving 80% of borrowers as potential insurance customers.
Abbey for Intermediaries managing director, Ricky Okey, says: “It is no secret that insurance offers one of the most attractive income sources for intermediaries, and yet there are still so many who overlook it as a revenue stream.”
He adds: “Brokers are missing out if they do not take advantage of the opportunities available to them in this lucrative market.”
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