The technology solution enables lenders and brokers to sell Assurant’s mortgage payment protection product, ‘The Matrix’, providing access to over 250,000 possible policy combinations.
Focus announced the delivery of Assurant Solutions Intermediary at Mortgage Business Expo in Manchester in May. Both organisations were present to launch the solution to brokers.
Assurant Solutions Intermediary delivers an easy-to-use, single electronic application that will help brokers sell a compliant suite of products in the most efficient way. This is particularly important since the Financial Services Authority's (FSA) regulatory powers were extended to cover general insurance in addition to the mortgage market in January last year.
The Matrix was launched to the market at the end of April 2006 and the technology is already being used by a number of the UK's leading financial services brokers.
Ian Moffatt, sales & marketing director at Assurant Solutions, commented: “We believe that The Matrix and Assurant Solutions Intermediary meets the concerns of the FSA and consumer watchdogs head on. This product takes the flexibility and compliance of mortgage payment protection products to another level. Assurant Intermediary provides a software platform that accesses a comprehensive range of policy options that lie within the Matrix, and allows intermediaries and lenders to sell customers a tailored, flexible, affordable and appropriate product.
"Focus’s reputation and track record in the POS arena was a key factor in our decision to work with them to develop this new solution. We expect the Matrix and Assurant Intermediary to become the blueprint for our industry.”
Manjit Rana, director of mortgage solutions at Focus Business Solutions, added: “Our business relationship with Assurant Solutions is particularly significant for Focus in moving our technology solutions into new market areas. Since the FSA started regulating general insurance business in January 2005, there has been an increase in demand for POS solutions that create a compliant sales process across multiple financial services markets. Focus’s technology is now being used across the mortgage sector by lenders, packagers, sourcing systems, distributors and mortgage networks.”
