Advisers can now transact general insurance business via The Exchange, following the launch of the trading platform’s new free service to intermediaries.
A total of seven insurers, including Cornhill Insurance, Fortis, Folgate, Link Insurance, Primary Group and Legal & General, have signed up to provide travel and household insurance quotes through the new service.
Advisers will be able to complete transactions fully online, providing immediate cover for clients. No signature will be required and clients receive the relevant paperwork through the post.
Premium payments can be made via an automated direct debit or credit card. For a monthly £25 fee, advisers can also link the system to their own website, allowing clients to arrange their own cover online.
Chris Baker, director of product marketing at Exchange FS, said the new service will allow advisers to provide a better service to their clients while increasing the amount of commission they earn.
‘This new product will enable advisers to service their clients’ general insurance needs without having to refer them to an alternative broker. This way they can improve their client service and benefit from the commission available from general insurance products,’ he said.