Paymentshield will offer flexible GI
Steve Wood, chief executive of Paymentshield, said the developments were part of a three-part strategy to grow the overall business.
This included consolidating panel relationships with mortgage networks, improving relationships with directly authorised brokers and mortgage clubs and establishing referral relationships with estate agents.
He said: “Paymentshield is a healthy, profitable business and is a strong position to capitalise on that.
“We have spent the past six months discussing how to take the business forward and we see distinct potential in the buy-to-let market as well as improving how we underwrite basic general insurance for individuals.”
Wood also confirmed that development is underway to build an interactive platform to allow clients to access policy documents directly. The launch date is set for some time next year.
Wood added: “We value intermediaries highly and are 100% focused on maximising the business we do we them – we have no plans to launch a consumer direct service.
“But we recognise the importance of giving brokers’ clients a positive experience and that’s why we’re developing better online access for customers.”
Wood joined Paymentshield in March this year from Ecclesiastical where he was UK managing director.
In February this year Highbridge Capital Management invested around £360m into Towergate, parent company to Paymentshield.