Insurance companies are now using big data to understand customers’ habits, potential trends and for mitigating risk. This is achieved using predictive modelling and comparing the behaviour data of a customer against that of thousands of others in a database.
An insurance broker is a specialist in insurance who act on behalf of their clients and provide advice in the interests of their clients. The broker will help you identify your individual and/or business risks to help you decide what to insure, and how to manage those risks in other ways.
A mortgage broker is a specialist in mortgages who act on behalf of a clients and provide advice in their best interests. A broker will help identify individual needs and risks to help decide the best product for a client’s needs
The biggest Mortgage lenders in the United Kingdom are the following:
The Lloyds Banking Group (includes Halifax) – £42.5Bn
Nationwide Building Society – £35.7Bn
Royal Bank of Scotland (includes NatWest) – £30.5Bn
Santander UK – £28.3Bn
Barclays – £23.1Bn
Let us also not forget the Bank of Mum and Dad!
The outstanding value of all residential mortgages loans was £1,513.3 billion at the end of 2020 Q2.
An insurance broker uses their specialist skills and experience to search the insurance market for the best product for the client at the best price. The broker should always act in the best interests of the client.
There is no downside to using a broker since they usually get paid by the insurer at no additional cost to you.