GRID, a new online network, will provide support to mortgage brokers that want to offer insurance products alongside mortgage products.
John Pinniger, spokesperson for GRID, said the service aimed to help advisers who do not want to get too heavily involved in the general insurance market but would still like to offer insurance products.
He said: ‘The general insurance market is going to be regulated by the General Insurance Standards Council (GISC) and then by the Financial Services Authority (FSA).
‘Lots of mortgage advisers focus on the mortgage market but want to offer added-value services. If they want to do this they will need to be regulated but may not want the hassle. GRID takes this responsibility for them.’
Mortgage advisers can use GRID to arrange household and contents insurance, or mortgage protection for borrowers. The service can source the best quote, complete all the processing and deal with claims.
GRID can also provide tailored solutions for advisers, including independent broking services, affinity scheme design and management, supplier research and selection assistance.
The new service will also offer vital compliance support to users.
James Truscott, GRID’s chairman, said: ‘This network offers a unique opportunity for organisations to maximise their sales in the general insurance market, without having to look over their shoulder in the wake of new regulatory demands. It will save them time and effort, increase their income and allow them to concentrate on developing their businesses.’
Advisers’ costs will be agreed after they have chosen tailor-made products from a menu provided by GRID.
Contact: 0845 602 1932