Paymentshield has reported strong year-on-year growth in the performance of its Refer and Protect proposition, with new business volumes increasing by 219% since its launch in summer 2023.

The general insurance platform provider said it had expected sharp growth in the service’s first year but noted that results have exceeded initial projections. Comparing the second half of 2024 to the same period in 2023, data shows a 289% increase in the total number of quotes delivered.

New business sales via telephone rose by 193%, while quote-to-sale conversion rates through the telephone referral team improved from 42% to 44%.

EXPANDING REFERRAL OPTIONS FOR ADVISERS

Refer and Protect was introduced to give advisers the option to refer clients to Paymentshield’s in-house team for general insurance advice. The service allows advisers to offer home insurance quotes even if they do not have time to provide guidance themselves.

Since its launch, the service has expanded to include landlord’s insurance and an automated digital solution, enabling advisers to send instant quotes to clients via email or text. The addition of lead-tracking software also ensures advisers can monitor their clients’ progress throughout the process.

To further support firms, Paymentshield has launched a dedicated business development team focused on helping advisers integrate referrals into their business models.

ADVISER ENGAGEMENT AND MARKET TRENDS

Emma Green (pictured), distribution director at Paymentshield, said the growth in referral services reflects the strong demand for insurance protection despite wider market challenges.

She said: “These results are a testament to the faith that advisers have placed in Paymentshield and to the hard work and expertise of our telephone referral team. We have strong conversion rates across the board, particularly where customers engage with our team directly.

“It’s clear that even in a tough market, consumer demand remains strong for insurance that protects their most valuable possessions. As 2025 progresses, we will continue to support advisers in adopting new quoting and integration capabilities within their general insurance business.”

To assist advisers in understanding the financial benefits of referrals, Paymentshield is updating its commission calculator within its Adviser Hub platform. The update will allow advisers to estimate potential earnings from business submitted via referral.