Compass announces MortgageRewards
MortgageRewards is a web-based MPPI product which rewards customer loyalty through a no-claims history on the policy. MortgageRewards promises customers a two-month premium payment holiday for every complete 12 month period without a claim. This reward repeats every year for the life of the policy.
Compass Underwriting will administer the scheme on behalf of the underwriter, Assurant Solutions. MortgageRewards is an age-rated monthly-premium accident, sickness and unemployment (ASU) policy which will be marketed to the intermediary and IFA markets through an exclusive arrangement with Berkeley Alexander.
Ian Moffatt, sales & marketing director at Assurant Solutions, said: “Long before the FSA and OFT began their investigations into the payment protection insurance industry, we began working to develop and encourage a range of flexible products and features that are more appropriate to consumer needs. We’re delighted to be the insurer for MortgageRewards, and pleased to see the industry adapting to the need to treat customers fairly, offering them products which are flexible and value for money.”
Features of MortgageRewards include:
– Annual no-claims loyalty bonus offering two months premium payment holiday, for the life of the policy
– Age-based pricing
– A range of additional options that allow more flexibility
– Simple to use internet quote engine and on-line application via Berkeley Alexander
– Monthly benefit payment for up to 24 months
– Outplacement support for up to six weeks
– Back-to-day-one or 30 day waiting period options before benefit payments commence
– Typically 25 per cent commission per month
– Interest free direct debits
Andrew Briant, managing director of Compass Underwriting, added: “MortgageRewards is a fully compliant, well-designed and well-priced plan that offers a unique benefit. Combine that with its accessibility via the web and the consumer can be left in no doubt that this product really does add value. By working closely with Berkeley Alexander we will provide intermediaries with a product that rewards customer loyalty and increases customer retention.”