It’s often difficult to explain to a client what a product does if you don’t often deal with it. This section will help equip you to feel confident about what you are recommending.
We sell this product to retail clients with a conversion rate of over 80%. We are well placed to help you frame your approach to making sales of this product more effective and less traumatic.
It is fair to say that many clients only come to this type of project once or twice in their lives. As such, they have no knowledge of the insurance implications of running a construction project. You need to be able to guide them towards making informed decisions about insuring their vision for a better place for their families and themselves to live.
It is also true that many architects leave it very late to advise their clients that alternative insurance arrangements may be required to comply with the contracts they are proposing. Often they have not placed a provisional sum in the estimate of costs to reflect the premium required. It’s important to make clients aware that while this type of insurance is more costly, it is critical to protecting their position.
Clients don’t like surprises. We suggest including a question about their plans to move house or undertake a renovation project in your renewal or new business fact find. If a client says they are looking to move and renovate a new property, or stay where they are and do some works, you are then well placed to ask them to get in touch early to discuss insuring the project. With advanced notice and clear visibility, you and your clients always have more options.
Once a renovation project becomes a reality for your client, we suggest you:
- Explain that this type of insurance is more expensive than standard household insurance and the reasons why
- Get an idea of the project and use our quick quote system to give them a rough estimate
- Collect the information required to obtain a full quotation by using the portal alongside the client, or send them our fact find
- Make sure that contracts over £100k have a JCT
- Send them an email confirming the indication
- Point them to the Renovation Insurance Brokers YouTube channel for more information about their situation
- Remember to mention that the amount they would be paying for their standard household insurance should be deducted from the premium they are looking at for the project. There is no point in insuring twice!