Mortgage Alliance’s (TMA) inaugural general insurance (GI) survey, in conjunction with Cardif Pinnacle, looked at sales of payment protection insurance (PPI) and mortgage payment protection insurance (MPPI). It showed that almost two thirds of respondents (64%) felt recent media focus and regulatory investigations have not had a negative impact on the selling of MPPI. 21% reported feeling these implications have partly had some effect on sales and 15% admitted they have had a negative impact on the selling of the product.
The survey also highlighted the importance for brokers and their clients to have the option to advise on household, buildings insurance and MPPI.
The results of the online survey showed that almost half of respondents (49%) claimed the option of being in a position to offer household insurance, buildings and contents insurance and MPPI was ‘extremely important’. 26% highlighted that this option was ‘very important’ and 16% classed these offerings as being ‘important’. 5% of respondents said being able to offer these options was ‘fairly important’ and only 4% said they were not important.
In other elements of the survey a massive 97% considered it important to have a facility which allows customers to spread household repayments over 12 months with a mere 3% reporting that they didn’t feel it was important.
Brokers were also questioned in the survey as to how they preferred their commission to be paid. To this the majority of respondents (44%) claimed they were unconcerned whether they were paid monthly or annually in advance. However, 33% said they preferred to be paid annually in advance with 23% stating they preferred to be paid their commission on a monthly drip.
