Mortgage News
PruProtect joins Openwork panel
PruProtect has joined Openwork’s protection panel, Openwork Select, following a tender process involving eight major providers.
PruProtect joins existing providers Friends Life, Legal & General, Zurich and LV= in the revised five-strong panel.
The Openwork Select Panel was launched in 2010 and is now used by over two-thirds of Openwork advisers, with the remainder choosing to retain a single-tie to Zurich.
The tender exercise was constructed to encourage competition and align remuneration, ensuring a focus on consumer outcomes, including price.
Mark Duckworth, managing director of distribution and marketing at Openwork, said: “PruProtect offers a very different proposition from ‘traditional’ critical illness providers, with an allowance for multiple severity-based claims and its Vitality Programme which rewards healthier lifestyles.
“The new panel, alongside the changes to the commercial construct and our point of sale systems offer a compelling proposition for both our advisers and their clients in this vital market.”
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