Brokers offered 25pc commission at Select and Protect
The insurance provider is celebrating the re-launch of its introducer service for mortgage brokers.
Select and Protect will take care of the insurance sale from start to finish while the broker earns commission.
Bruce Reid, distribution director, said complying with MMR requirements has reduced the time brokers have to advise and sell insurance.
He said: “Having spent a significant amount of time on the mortgage application process it’s sometimes not possible or feasible for them to cover off home insurance and mortgage payment protection insurance requirements with the customer.
“The result is that many are postponing the sale. Some may even be inadvertently steering clients into the arms of other financial services providers that might have a different perspective of who owns the customer and therefore, offer the same financial services as the broker.
“No broker wants to give away valuable income.”
After registering brokers can refer their client to Select and Protect’s sales team who will then provide a home insurance quote.
Brokers are updated on referrals via email, while Select and Protect will pay the commission when a client takes out a policy.
Brokers can also earn year after year from renewals which Select and Protect can continue to manage.
Reid added: “We don’t want brokers leaving valuable income on the table or worse still, leaving others to potentially exploit their client.
“Our Introducer service removes the legwork, delivers the broker an additional income stream while protecting their customer relationship and their customer gets quality cover that is right for them. It’s a win-win for all concerned.”