This is in response to a growing appetite from advisers looking to diversify their business and enhance their client proposition.
Driving additional revenue is essential for intermediaries in today’s tough market, according to PMS, and the inclusion of quality general insurance products from a range of providers can form an important part of a firm’s overall service to clients.
The new service has been launched following an extensive review of the market, which was conducted against a challenging economic environment that is leading advisers to review their service and seek new revenue streams for their business.
The new general insurance panel provides a wide range of choice and comprises Abbey, Assurant Intermediary, Halifax, Paymentshield, Sesame Insure and Towergate Home & Protect.
These providers were assessed on a range of criteria, including their ability to offer quality products with a breadth of cover, competitive premiums and a strong track record in claims and customer service. The providers also had to be able to offer advisers a simple application process with slick technology and a wide choice of options to suit clients.
Roger Crocker, head of protection, GI and technology at PMS, said: “Adviser attitudes to general insurance have changed markedly over the last two years and there is a growing appreciation of the value it can add, where even a small number of policies each month can build into a lucrative and regular revenue stream.
“Firms that have embraced general insurance have definitely reaped the rewards, and the fact this is annual event insurance also makes it a great way to keep in touch with clients, potentially opening doors to further opportunities.
“General insurance is often seen as a commodity product but that is a simplistic view that ignores the value that professional advice can add in ensuring clients have the right cover in place.
“We believe this is a compelling proposition that delivers a wide range of choice for directly authorised advisers, which reflects our ability to leverage our scale in order to build valuable solutions and drive the best deals for our customers.
“We are delighted to be working with these quality brands with proven experience in this market. Our new service makes it easier than ever for advisers to take advantage of this important market.”
