Simon Hood, chief executive of Select & Protect commented: “The company introduced a small incentive to advisers (an upfront fee of up to £15 per case in addition to the normal commission of 25%) to draw attention to the new contract but I don’t believe that this was the reason for the huge increase in sales.
“In talking to advisers it seems that our product is now one of the best on the market in terms of cover, service and price. In addition, we have been highlighting need for more homeowners to take out cover. Both the CML and ABI estimate that some 55% of homeowners should have this cover but only 31% take it up.
“We have also highlighted that while 50% of all mortgages are sold by intermediaries only 26% of MPPI cover is arranged by them. To this end we are endeavouring to draw their attention to the need so that they will advise their clients accordingly.”
