The products will only be available to members of Pink’s network and will be excluded from the recent cooperation agreement on exclusives struck with Mortgage Intelligence and Mortgage Next. It will be available to all directly authorised intermediaries.
Premiums will based on the clients needs and will offer day one unemployment cover. It does not take into consideration whether the client smokes and is unaffected by gender.
Procuration fees are set at 120 per cent of the first year premium for unemployment cover and 80 per cent for sickness. There is a clawback for the first four years.
Dev Malle, associate director of operations at Pink commented: “This is a very innovative product which we believe has been designed to suite our intermediaries needs. The menu based system means that a clients exact requirements can be catered for.”
He added: “Pink are first of the block with this kind of product, clients will no longer be forced into taking out products they do not need.”
Matthew Bright, managing director of Optoma commented: “In the future we will see more networks working with specialist providers to create bespoke products. This sort arrangement means that ARs can have better training on specific insurance products to ensure best practice for clients.”
