Why General Insurance is the Unsung Hero of Steady Income for Mortgage Brokers

Introduction: The Power of Small, Consistent Wins

When I first dipped my toes into the mortgage and insurance industry, General Insurance (GI) seemed like a minor footnote in the broader landscape of mortgage services. Like many mortgage brokers, I was focused on the more glamorous side of the business—securing the next big mortgage deal. But it wasn't long before I realised that I was overlooking a crucial component of sustainable income: GI.

GI, often seen as an afterthought, is a consistent and reliable income stream that can help mortgage brokers weather the ups and downs of the market. It’s not just about selling a policy; it’s about building a foundation for long-term financial stability. In this blog, I’ll share how embracing GI can transform your business, helping you grow your brand, increase lead generation, and ultimately, boost your revenue.

Why General Insurance is the Steady Rock of Your Business

Reflecting on my early days in the industry, I recall learning an invaluable lesson from my father, who was the head of training at the Connell's Group. He would often say, "The money is in the GI. It's in the referrals and the rolling income." At the time, I didn’t fully appreciate the wisdom in his words, but as I gained more experience, the truth became undeniable.

As a self-employed mortgage broker or adviser, ignoring GI could mean missing out on a reliable and steady income stream. Unlike the peaks and troughs that can come with mortgage deals, GI provides a consistent flow of revenue that supports your business during slower months. It’s the small, steady wins that accumulate over time and make a significant impact on your bottom line.

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The Mechanics of GI: Why It's More Than Just a Policy

So, what makes GI such a valuable component of your business strategy? The key lies in renewals. When you sell a GI policy, you’re not just making a one-time sale. You’re creating a recurring income stream. In many cases, you can earn up to 40% of the policy's value, with around 80% of clients renewing their policies each year. This means that over time, as you build your client base, your income from GI policies can significantly contribute to your overall revenue.

For instance, consider a scenario where you’re handling 15 mortgages a month, and 80% of those clients take out GI policies. Over a five-year period, these small streams of income begin to add up, creating a substantial and steady revenue source. And let's face it, if you’re in this career for the long haul, wouldn’t you want to maximise every opportunity to build a sustainable income?

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Educating Your Clients: The True Value of GI

One of the biggest challenges I see mortgage brokers face is conveying the value of GI to their clients. Many brokers view it as an optional add-on, something that clients can easily sort out themselves. However, this mindset misses the bigger picture.

When you sell a home, you’re not just selling a property—you’re selling peace of mind. Just as buying a second-hand car means inheriting the problems of the previous owner, purchasing a home means taking on any hidden issues that might arise. This is where a robust GI policy becomes essential. It’s not just about protecting the bricks and mortar; it’s about safeguarding your client’s investment and their peace of mind.

When you educate your clients on the long-term value of GI, you’re not just selling them a policy—you’re building trust and demonstrating that you’re looking out for their best interests. This approach not only enhances client satisfaction but also boosts your reputation as a mortgage expert who goes above and beyond.

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Integrating GI into Your Broader Protection Strategy

To truly maximise the potential of GI, it’s important to integrate it into your broader protection strategy. Think of GI as the gateway to selling larger protection products, such as income protection and life insurance. By positioning GI as part of a comprehensive "mortgage package," you make it easier for clients to see the value of protecting their home and finances on multiple fronts.

This approach not only increases the likelihood of clients saying "yes" to GI but also sets the stage for more significant sales down the line. When clients see that GI is just one piece of the puzzle, they’re more likely to invest in additional protection products, which can lead to higher revenue for you as a mortgage broker.

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The Importance of Small, Consistent Wins in Your Mortgage Business

In the fast-paced world of mortgage brokerage, it’s easy to get caught up in chasing the next big deal. However, it’s the small, consistent wins that often make the biggest difference in the long run. GI is one of those wins. It might not be as glamorous as securing a major mortgage deal, but over time, it can provide the steady income that keeps your business afloat during challenging times.

By embracing GI as a key component of your business strategy, you’re setting yourself up for long-term success. Remember, small streams make great rivers. Don’t ignore the trickles—they could be the key to your financial stability.

Conclusion: Take Action and Transform Your Business

As you reflect on the role of GI in your business, consider how you can start leveraging it to create a more stable and sustainable income stream. Whether you’re new to the industry or a seasoned mortgage adviser, there’s always room to refine your approach and maximise your potential.

Ready to take your mortgage business to the next level? Download my free mortgage marketing blueprint today and start increasing your leads, closing more deals, and maximising referrals through social media and simple social selling processes.

How has GI impacted your business strategy? I’d love to hear your thoughts—drop a comment below or send me a message on Instagram.