The move is part of an ongoing programme to support brokers in the new ‘Associate Accounts’ division which was announced by the lender earlier this year.
Adrian Whittaker, key accounts director at Abbey for Intermediaries, said: “This is a positive step not just for Abbey for intermediaries, but also for the development of the associate accounts division and the brokers who can access these clubs. Thanks to recent changes, we have been able to reduce premiums for customers by an average of 17% by introducing a panel of three insurers to oversee the range.”
Research conducted earlier this year by Abbey for Intermediaries found that brokers could be losing out on a market worth a potential £30 million in sales commission this year if they do not exploit the profitable General Insurance market. On average only one in five homeowners will purchase buildings or contents insurance when they take out a mortgage with an intermediary, leaving a massive 80% of borrowers as potential insurance customers.
