L&G unveiled the system at the Mortgage Expo as part of its strategy to outline to mortgage advisers the support available to them, from its general insurance business, to develop their businesses by advising on general insurance cover. GIology is to be rolled out during the Summer 2007.
GIology enables advisers to obtain indicative quotes on Buildings and Contents cover, buy-to-let and Mortgage Payment Protection Insurance, either on or offline. New business may be submitted online at a time that is convenient to the adviser. The system and product support has been designed to meet the needs of advisers, who are looking to expand and grow their existing mortgage advice business by also offering general insurance cover to their customer.
Recent independent research of over 150 mortgage advisers conducted for Legal & General showed that for 95 per cent of advisers the key requirement when choosing a general insurance provider for their clients was the overall product offering. Other key considerations were good claims service experience, speedy underwriting and a system that is easy and efficient to use.
L&G has responded to this feedback and the experience gained from our life protection business to develop an overall offering for mortgage advisers that addresses these key concerns. Advisers have access to a range of general insurance products, excellent customer service and GIology. This will enable them to take advantage of the market opportunities that advising their customers on general insurance can bring.
Steve Bryan, partner development director for Legal & General’s General Insurance business, said: "We have worked closely with advisers in the mortgage market in developing our general insurance offering for them. We understand their concerns and believe the experience we have in both the household insurance broker market and from work with Legal & General’s market leading housing and protection businesses, has also helped putting this supportive proposition together. The new service will help existing and new advisers, in providing general insurance as part of their existing mortgage advice business.
"The roll-out of the new GIology system with Home Insurance Choices, Buy to Let Property and Mortgage Payment Protection Insurance quotes available so efficiently means advisers could have a major advantage over other competitors. Backed up with the reassurance of our quality claims service, initial feedback from mortgage advisers indicates that they have the confidence to recommend Legal & General for their customers’ general insurance needs.
"We are introducing real innovation into the market by giving advisers a compelling, solution to take advantage of the business potential general insurance offers."
