James Wallis, Managing Director of PlusOne describes the development,
“ We have conducted considerable research into development of the general insurance market and believe that there is great potential for financial services organisations, which have decided to take on their own compliance in 2005, to develop own brand general insurance policies.”
As a result, an organisation can use PlusOne’s EMBRYO system to market a general insurance scheme through their network. This involves using a white labelled range of policies, which are based on the template of the successful Select & Protect range, providing a saleable product range at extremely low set up costs. Immediate high volumes of business are not necessary. The white label process includes a bespoke customer services team, literature, a 24 hour helpdesk and a website provided for their companies allowing their members to write business online.
The product range consists of buildings, contents and mortgage payment protection, each which can be taken standalone, with the option of legal expenses and home breakdown cover. All policies will be true monthly policies paid by direct debit with no interest charge. Monthly policies are advantageous for both the client and the insurer.
PlusOne has developed sophisticated bespoke offline and online technology that will enable the administrative process to be efficiently handled, with policies automatically underwritten by the system. All processes will be FSA compliant.
Wallis adds,
“ As well as creating the products, PlusOne fulfils all the functions of an insurance company such as premium collection, policy administration and claims handling, in fact everything except for taking the risk. This enables the financial adviser to concentrate on the sales process rather than worrying about the administrative burden.
The benefits of outsourcing this business to PlusOne are the proven track record of the policies, extremely low running costs, and the efficiency of the services provided, allowing companies to concentrate on their core products. We currently handle over 85,000 policies with an annualised premium income of £27m, so our products and systems are well proven.”
Website address:www.plusoneservices.com
