The move comes as part of an offering of free legals across its non-conforming product range and is part of a revamp to its online proposition which will give brokers a general insurance click-through and payment on exchange.
Andrew Seymour, chairman of Optoma, said: “We wanted to develop a generic free legals product that stretched across our non-conforming range which was always there and on offer to the broker.
“We know this is nothing new within the industry, but there isn’t a lot you can do to radically change when your offering is financially sound. A lot of packagers are just giving things away but people are working with tiny margins and, when the freebie is gone, people move on and a lot of packagers could get in trouble. We always want to launch new things but only when the margins work for us.”
The move is part of a continuing consolidation for Optoma. Optoma Law is aimed at wrapping the brand around a conveyancing offering.
Richard Waller, head of Ontrack, commented: “This is a development of the Ontrack service which allows both the intermediary and the customer to track their case online and we’ve had considerable success with this system. We’ve dealt with Optoma for some years now and we have always enjoyed a close working relationship with it. Both are growing companies, have a similar approach to using technology and this was a natural development for our business relationship.”
Mike Fitzgerald, sales director at Brentchase Financial Services, said: “After a year of regulation, lenders, packagers and brokers are now flexing their muscles and getting back to what they are good at, which is offering good incentives that will ultimately benefit the client. This, like any scheme which gives quick and easier solutions for brokers, has to be applauded.”
