In a market where reports have indicated disappointing MPPI sales, this announcement brings encouraging news to the industry as it is a clear indication that the product is meeting the needs of consumers and demonstrates that selling MPPI can prove to be a profitable source of additional income for intermediaries.
Bruce Reid, managing director of Select & Protect, commented: “We are delighted with the uptake of Intego, to see sales increase by this much in such a short space of time is testament to the product’s unique features and benefits, and our intermediaries’ selling abilities and commitment. The differential in pricing is quite remarkable from the historical MPPI policies which still largely populate the market and it shows that there is a definite requirement from consumers and brokers for a product which rates on the age of policyholders, provides a comprehensive range of benefits and is not solely a ‘one price fits all’ solution. Select & Protect was the first to the market with this innovation, and it’s interesting to see that a number of competitors are now following this trend."
“We are confident that the Intego ethos of flexibility, individuality and affordability is helping make this one of the policies of choice in the market at the moment. Our aims were, and remain, to make Intego as simple to sell as possible for our intermediaries, one which generates attractive revenue streams and at the same time is a desirable product for consumers by offering a transparent and fair policy pricing structure,” Reid added.
Intego, underwritten by Norwich Union, enables intermediaries to provide, via a comprehensive and compliant sales process, valuable and appropriate mortgage payment protection to their customers with a much fairer deal based upon their age.
The product’s features, some of which are in direct response to recent research conducted by the University of York on behalf of the Council of Mortgage Lenders (CML), are customer focused.
Full Accident, Sickness and Unemployment (ASU) cover; 30 day excess or the ‘back to day one’ option; privileged access to Norwich Union’s highly acclaimed Personal Health manager, an outsourced Back to Work facility covering rehabilitation after injury and comprehensive support and guidance for individuals made redundant or unemployed; and a pricing structure based on age at entry and maintained for the lifetime of the policy are all included as part of the product offering.
Richard Henshaw, from Mortgage Choices in Chester, added: “Intego is a great product. In the two months that I’ve been selling it, there’s been an increase in the number of clients choosing MPPI when taking out a mortgage. The 'Back to Work' facility offered as part of the package, cover for the self-employed and the age-banded pricing structure have been major factors for clients in choosing Intego. The sales process is also extremely easy and overall offers our clients an affordable, yet comprehensive level of mortgage protection.”
