Firms urged to white-label HIPs
With HIPs set to go live in June 2007, product providers have begun rolling out their HIP pilots to judge market response, and a number of brokers have begun investigating the impact of HIPs on their business. However Richard Sexton, business development director at e.surv, said firms still needed a lot of questions answered before they thought about what steps to take in preparation for the June 2007 deadline. With this in mind, he suggested a white-label approach might be the best policy.
He said: “Many firms will want to produce a HIP with their own mark on it and including their own information. However the best way this is probably going to be done is through a white-label HIPs template. This might also save costs.”
There was further market concern on the subject of HIPs following a change in personnel at the Office of the Deputy Prime Minister (ODPM). Following the announcement that Richard McCarthy is to replace Cathy Cant as product leader. Paul Hunt, marketing manager at Platform, said the change might force the ODPM to reassess the HIPs proposition and time frame. He said: “It will be interesting to see how the ODPM changes will affect the HIPs proposal. There have already been lots of different views on HIPs, and if and how they will go ahead.”
However, despite market concerns over HIPS, Easier2move (E2m) has rolled out a pilot scheme to allow brokers to get the feel for the packs. Announcing the launch of its HIPs pilot, Karen Babbington, director of sales and marketing at E2m, said: “We feel that HIPS will become a reality and that companies need to make adequate preparation for this significant change to the house buying process.”