Mortgage News
Abbey for Intermediaries adds to insurance range
Abbey for Intermediaries has made changes to its ‘Additions’ home insurance range and have reduced premiums for customers by an average of 17%.
Its new home insurance add-ons include the “Home Assistance Plus” which provides 24 hour emergency assistance for problems with roofs, plumbing, heating, power, and security systems.
It has also added the “Family Plus Legal Protection” which provides cover for employment, tax and property disputes. A panel of three insurers, Aviva, Zurich and Groupama, will oversee the range.
The bank believes intermediaries could be losing out on a market worth a potential £30m in sales commission this year if they do not exploit the general insurance market and cross sell insurance products to homeowners
It said that on average, only 20% of homeowners purchase buildings or contents insurance when they take out a mortgage with an intermediary, leaving 80% as potential insurance customers.
Ricky Okey, managing director of Abbey for Intermediaries, said: “It is no secret that insurance offers one of the most attractive income sources for intermediaries, and yet there are still so many who overlook it as a revenue stream.”
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