Brand named ‘Elements’, Select & Protect claims it has carved out a unique proposition that will fundamentally change the way they avail the intermediary market of GI solutions and in turn, the way intermediaries can sell GI.
In simple terms, brokers will for the first time with Select & Protect, be able to offer like-for-like quotes on a single, common policy wording, underwritten by three blue-chip insurers: Norwich Union, Allianz and Zurich.
Elements is based on Select & Protect’s four-star rated Defaqto contents policy, Median. The multiple insurer proposition offers customers both simplicity and choice while ensuring the business benefits for brokers are optimised through one trading platform, Sprite2 and all of this in an on or offline environment.
For example, with Elements, customers will find that with more insurers aligned to write the business, there will be a wider interpretation of the definition of risk and competition on the price.
Also, brokers will find that Elements can be tailored to meet the changing needs of almost any customer from first-time buyers to those higher up the property ladder. Regardless of which insurer underwrites the policy, Select & Protect claims brokers will still benefit from Sprite2 trading platform and outstanding service and seamless processing they have come to expect.
Bruce Reid, managing director at Select and Protect, said: “Elements is the culmination of intensive consultation between Select & Protect and its broker community. It is brokers who are working at the front end with customers and they know how competitive the GI market is and have a clear understanding of what they and their customers want.
“The overwhelming responses from brokers were centred on simplicity of the buying process, customer choice and price sensitivity. Of course income streams were also right up there with the important factors but not at the expense of undue time and effort. We believe that Elements ticks all those ‘must have’ boxes and more.”
Building on Median, Elements offers customers:
• Easy to buy products with no need to calculate contents cover. Homes with up to four bedrooms automatically qualify for £55,000 of contents cover
• Customers can choose both price and cover from a panel of three blue-chip underwriters
• A range of optional additional extras as needs change
• An ‘aim-to-pay’ claims philosophy which supports the customer/broker relationship
• A no-claims discount and unique way of managing the NCD post the claims process
• A first-time buyer discount
• A genuine 14 months cover for the price of 12 offer
For brokers Elements promises:
• The opportunity to quote for a wider pool of customers
• A one-stop process for generating quotes on Select & Protect’s trading platform – Sprite2
• The opportunity to offer up to 36 product combinations through a simple bedroom rated policy
• The security of knowing that Select & Protect will handle all service, technical and claims support
• Attractive commission paid for the lifetime of the policy
• A seamless link to other products in the Select & Protect portfolio
• One call resolution
“Elements is our most comprehensive but easy to use and sell, product yet. It blends both broker needs with the expectations of the customer to deliver a market leading, price-value solution” concludes Bruce.
