Why the Increase in OOH?
There are a number of reasons why out of hours enquiries are increasing. Six out of ten UK businesses had just three months’ worth of cash flow at the start of the pandemic. This, compounded with the sharp and significant fall in domestic and overseas sales as lockdown measures were implemented, led to a governmental intervention that has never been seen before in the United Kingdom. In fact, up to a million businesses could hit the wall by the end of 2020.
This meant that businesses have had to work harder and smarter during regular working hours. The change in the market, as well as the government’s restrictions have left businesses owners with little to no choice but to adapt in order to overcome the issues. With business interruption being at the forefront of people’s minds and the uncertainty that everyone is facing, insurance can get pushed to the backburner in favour of simply getting money in the bank to put food on the table.
From our perspective, insurance brokers have been extremely brave and have adapted well to the changing market, with some even accelerating growth which is no mean feat. Historically, however, the lead generation perspective shows that after hours insurance leads were seen as the runt of the litter simply because they do not coincide with the working hours of most brokers. This is a dangerous bias, causing brokers to leave a lot of potential business on the table, or to hand it straight to a competitor that does value after hours leads.