The sales process now incorporates GI into the mortgage application process, significantly reducing the amount of time it takes to complete a GI application - a Home and ASU quote and sale can now be completed in less than a minute.
When brokers sign into the mortgage platform, the GI platform will now launch automatically, with the pre-population of data significantly reducing the amount of time it takes brokers to complete and submit GI business. It also benefits from additional functionality of placing both Home and Mortgage Repayment Cover (ASU) policies on risk when the associated HBOS mortgage completes.
Approximately one-third of all of mortgage brokers never trade general insurance and one-third only trade from time to time, so brokers are missing out on an additional income stream if they don't trade GI on a regular basis.
According to the 2006 Mortgage Achilles Survey, 83 per cent of mortgage intermediaries said efficiency and speedy processing are very important factors when choosing a lender and 61 per cent said a good online system is also very important.
Jon Craven, head of mortgage intermediaries at Halifax General Insurance said: "Halifax General Insurance has invested heavily in the Intermediary channel over the last couple of years. We've listened to brokers and refined our products and systems to ensure simplicity of sale, a decent return for the broker and quality and value for the customer.
"The system changes we're announcing today coupled with the three year upfront commission launched earlier this year, means trading GI has never been easier."
