A new commission option – ‘Enhanced Indemnity’– has been developed to provide intermediaries with more immediately available cash to help them through current testing times.
It will run in tandem with the insurer’s existing commission options but means a broker can now earn even more over the first two years with Enhanced Indemnity offering 60% commission during this period.
Commenting, Paymentshield sales and marketing director James Watson said: “It’s no secret that things continue to be tough in the mortgage sector at the moment with few first-time buyers around and fewer sales and remortgages generally.
“This falling away in core business has created a cash flow problem for some advisers. We recognised that the best way to help our broker base at this time is to put money directly into their pockets so they can best manage their businesses.
“We feel that by enhancing the commission offered on the sale of Paymentshield insurance products brokers switching to Enhanced Indemnity, which pays 45% upfront in year one and 15% from year two onwards, will be able to see a real difference to their bottom line straight away.”
“We are in this together and with mortgage lending continuing to show few signs of recovery in the short term, the hope is that brokers selling GI that switch to Paymentshield’s Enhanced Indemnity commission option will at least be able to bridge some of the upfront income gap in their business.”