Almost two-thirds of brokers say they “knowingly overlook opportunities” to sell general insurance despite agreeing it’s “best practice” to do so, according to a survey from insurance firm Paymentshield.

Around 60% of advisors say they pass up the chance to sell GI even though 99%, admit it is what they should offer customers.

The firm call’s the difference between best practice and broker’s actions the “guilty gap.”

This year’s poll finds the top reason advisors fail to do this is because there is “not enough time”.

Last year’s survey found brokers saying “clients prefer to arrange it themselves” came out as the most cited reason.

However, one year-on-year rise was in the number of advisers agreeing or strongly agreeing that their clients want advice on GI, which jumped almost 10% from the 2020 poll to 65%.

Paymentshield sales director James Watson says: “It’s incredibly encouraging that virtually 100% of the advisers we surveyed recognise the value that GI conversations can add to both their clients’ lives and their own businesses.

“Unfortunately, the fact remains that this understanding too often doesn’t translate into action and advisers continue to pass up GI’s benefits – particularly as a resilient revenue stream.

“With the stamp duty holiday giving rise to high volumes of mortgage transactions, advisers have understandably been under sustained, acute pressure to deliver.

“This is perhaps why many advisers in this year’s adviser survey attributed inaction around selling GI to “not enough time” compared to 2020, when the top reason was the belief that “clients prefer to arrange it themselves”.

“As the stamp duty holiday and likely with it the surge in origination activity come to a close, there’s arguably no better time for advisers to turn to GI to supercharge and stabilise their income.

“And, by forming positive and healthy habits around GI now, advisers will be well-positioned to weather similar market volatility in the future.”

Paymentshield’s 2021 annual adviser survey ran between April 1 to 16 this year, with responses from 234 advisers.

The firm’s 2020 adviser survey ran in March last year, with responses recorded from 215 advisers.