Household insurance underwriter Select & Protect has launched an online facility which allows brokers to conduct business over the internet without the need for signed proposal forms.
The SPOOK (Select & Protect Online Operation Kit) facility is targeted at financial advisers who wish to add household insurance to their portfolio of products. Select & Protect offers a wide range of buildings and contents insurance policies, including a specific contract for new properties and a policy targeted at landlords in the buy-to-let market.
The price of products is dependent on the age of the client and the property, the postcode and the sums insured, although a typical monthly premium would cost between £20-£25.
Independent financial advisers who register on the website can expect to receive a commission of 15% of the monthly premium. In addition the site offers commission statements and policies can be viewed live online.
Richard Bruty, managing director of mortgage agent Quezal, was one of the first to register on the SPOOK site, and is now a regular user.
“Clients quite often forget to take out household insurance when they are sorting out their mortgage, and applying for it online only takes a few minutes. It means that brokers can act as the complete one-stop-shop. The paperwork for life insurance takes ages because it is so complicated and SPOOK just frees up a little more time,” he said.
“I firmly believe that unless you grab e-technology as it comes along you will get left behind.”
SPOOK is housed on the company’s website www.select-protect.co.uk