The move signifies TMA’s first foray into the GI market and comes on the back of research and feedback from members into their expectations and requirements from a GI proposition.
The agreement will allow new and existing members access to Halifax and Abbey general insurance products via a quotation process.
Phil Whitehouse, head of TMA, says: “As an industry it is vital that we choose our affiliations carefully and that is why I am delighted that our first venture into the general insurance market is with two such established providers who both have a wide range of top quality offerings and good intermediary commission levels teamed with great service and systems.
“We are now experiencing increasing numbers of mortgage intermediaries embracing ancillary services and it is important we provide the right elements of a proposition to help boost this area of the market.
“The feedback we received from our recent research has certainly helped us concentrate our focus on what brokers require from a GI proposition and we are pleased to launch with two providers who share this vision. TMA is also in talks with other GI providers with a view to creating even wider product choice and competitive intermediary commission terms.”
Adrian Whittaker, key accounts director at Abbey for Intermediaries, says: “One in four homes remain uninsured according to the Association of British Insurers, indeed, recent statistics suggest that as many as 257,000 home insurance policies are declined each year as a result of homeowners being underinsured.
“By cross-selling and packaging a quality insurance product, intermediaries can help their customers by providing a necessary service while at the same time, improving their revenue streams.”