Paradigm Protect is part of Paradigm Mortgage Services, and has developed the new test with the software platform Source Insurance. It explained that the product test would allow intermediaries to demonstrate their knowledge of the general insurance market.
Paradigm and Source argued that the new general insurance test would help brokers working on their plans for meeting the new Consumer Duty rules, noting that advisers will have to demonstrate adequate product knowledge and conduct regular client reviews.
Alongside the test, educational resources around the subject of general insurance have been added to the Paradigm CPD Academy, as well as Source Insurance’s own Learning Lab.
These include CPD-accredited modules, covering subjects like home insurance fundamentals, while the CPD Academy ‒ which is free to use ‒ includes details of events, and a full literature library. Users can record and track their CPD activities across the year.
Mike Allison (pictured), director of protection at Paradigm, noted that Consumer Duty was about “delivering positive outcomes for clients”, and so plenty of advisers are looking not only for how to do this, but how to prove it too.
He continued: “Our Test Zone covers this specific test but is also part of our wider Academy which has a wealth of resources and literature to help advisers continue learning, developing their sales techniques, as well as reaching and maintaining their CPD hours under the IDD rules.”
Paradigm is also running a series of videos around Consumer Duty, with the most recent covering the four outcomes of the regulation.
