As part of the new agreement, which goes live in February, Openwork advisers will have access to Paymentshield’s web-based quote and apply system enabling them to transact business quickly and efficiently.
Paul Shearman, mortgage, protection & general insurance proposition director, said Paymentshield has been instrumental in helping Openwork build one of the largest general insurance books in the market.
He said: “Paymentshield’s new panel-based proposition will provide our advisers with a competitive solution supported by many of the UK’s largest insurers and underpinned by an efficient and intuitive online application system.”
Shearman said the new system will boost advisers’ productivity at a time when advisers need to optimise the income streams available to them.
James Watson, sales and marketing director of Paymentshield, said: “We are pleased to have been selected by Openwork as its sole tie distributor of general insurance for the next five years. We have always been impressed by the quality and volume of business that Openwork advisers produce and we have worked closely with them over many years to help grow their GI sales through our excellent business development team.”
Watson added: “We celebrate our 21st anniversary this year with the launch of our new on-line panel of top UK insurers supporting the Paymentshield product. This new partnership is testament to the strength of our new proposition and further demonstrates Paymentshield’s ability to deliver market leading solutions to strategic partners.”