Bank of Scotland offers brokers £190 commission

Bank of Scotland is offering brokers £190 incentive to sell its general insurance.

It says that brokers that sell 5 mortgage repayment cover and home insurance policies per month can earn an additional £950 per month or £11,400 per year.

Brokers can also make 27.5% of the annual premium as commission on MRC and 25% commission on home insurance commission sales.

BOS says that considering the research from the Chartered Institute of Personnel and Development showing that 38% of employers expect to make redundancies in 2008 and the FSA say that 1 in 5 borrowers are concerned about meeting their remortgage payments this year, borrowers getting the right protection is vital.

To support brokers in protecting their clients, the Bank of Scotland E-service system allows brokers to submit home insurance or MRC applications at the same time as a mortgage application using pre-populated forms, saving time.

Brokers can also apply for insurance as a stand alone product or earn commission for referring the customer to Bank of Scotland.

Maria Harris, head of sales for BOS Mortgages, says: “Our general insurance proposition helps brokers help their clients.

For brokers, the process has been streamlined to save time and increase their earnings potential. The additional income that can be provided by insurance sales can help to boost our brokers businesses and importantly, our insurance products continue to be a competitive option for their clients.”

Brokers can choose to receive three years commission upfront that will be paid in the month following policy inception.

Commission on policies is also paid into retirement providing brokers with a retirement income as long as the customer continues with their policy.