Select & Protect, a UK general insurance provider has seen sales of its age-banded MPPI product, Intego, increase by 100% since its launch in August.
Bruce Reid, managing director of Select & Protect, says: We are delighted with the uptake of Intego, to see sales increase by this much in such a short space of time is testament to the products unique features and benefits, and our intermediaries selling abilities and commitment.
The differential in pricing is quite remarkable from the historical MPPI policies which still largely populate the market and it shows that there is a definite requirement from consumers and brokers for a product which rates on the age of policyholders, provides a comprehensive range of benefits and is not solely a one price fits all solution. Select & Protect was the first to the market with this innovation, and its interesting to see that a number of competitors are now following this trend.
We are confident that the Intego ethos of flexibility, individuality and affordability is helping make this one of the policies of choice in the market at the moment. Our aims were, and remain, to make Intego as simple to sell as possible for our intermediaries, one which generates attractive revenue streams and at the same time is a desirable product for consumers by offering a transparent and fair policy pricing structure.
Intego, underwritten by Norwich Union, enables intermediaries to provide via a comprehensive and compliant sales process, valuable and appropriate mortgage payment protection to their customers with a much fairer deal based upon their age.
The products features, some of which are in direct response to recent research conducted by the University of York on behalf of the Council of Mortgage Lenders, are customer focused. Features include, full accident, sickness and unemployment cover, 30 day excess or the market-leading back to day one option, and privileged access to Norwich Unions highly acclaimed personal health manager. As well as an outsourced back to work facility covering rehabilitation after injury and comprehensive support and guidance for individuals made redundant or unemployed