The British Insurance Brokers' Association is launching a series of payment protection insurance products with enhanced benefits and a more competitive rating structure via British Insurance, in a bid to encourage more brokers to offer payment protection insurance.
The new loan, income and mortgage payment protection products offer greater benefits to consumers, including partial cover on often-excluded stress, back-related and pre-existing conditions and lower premiums. The exclusion relating to AIDS has also been removed.
We can all see that the distribution landscape for payment protection insurance (PPI) is changing as many existing providers continue to be challenged by the regulator and media to improve their sales processes, cover and cost, commented BIBA’s CEO, Eric Galbraith. This recent attention has shaken consumer confidence in buying PPI from non-broker channels and the time is right for brokers to seize their market share. We’re providing our members with the right tools to do this.
BIBA will be promoting the new products via a direct mail and email campaign. Compliance and marketing are the main obstacles that brokers face when selling PPI, so British Insurance will be offering training and marketing support.