Distributors of MPPI products – whether lenders or intermediaries – cannot afford to pay lip service to the importance of gaining an accurate picture of the customer’s particular circumstances in trying to determine their eligibility for the proposed cover. Failure to do so will only result in a policy that is not suitable for that customer’s needs.
It is equally important, however, that MPPI insurers not only support the distributors at the coal face by creating insurance policies that embrace the principles of ‘Treating Customers Fairly’ (TCF), but also assist in the delivery of a compliant sales process. Assurant Solutions is one insurer that has taken the first steps in the journey to bring these two activities together. Earlier this year, we launched our Matrix MPPI product that brings a level of flexibility and affordability previously unavailable in the market, together with our Assurant Solutions Intermediary software application that enables the salesperson not only to establish the eligibility and suitability of the customer for cover,but also calculate the right cover according to the individual customer’s unique profile.
Insurers, lenders and intermediaries must continue in their efforts to design and sell products that consumers can have confidence in and walk away from the sales process, secure in the knowledge that the policy will live up to the consumers’ expectations. If we don’t, then we’ll surely see the FSA taking more action and even worse, repossessions will continue to rise as consumers run the risk of exposing themselves to unmanageable debt rather than protect themselves with an insurance policy in which they have no faith.
Adrian Fowler
Head of marketing
Assurant Solutions
