The system enables brokers to generate comparison quotations through a panel of ASU providers, including Paymentshield, Hitachi, Legal & General and Assurant Solutions.
Brokers can complete full applications through the system and have cases sent directly to the providers where they are processed, and policy documents are issued directly. The system automatically creates and saves fact-finds, Key Facts Illustrations and ‘demands and needs’ letters.
Dev Malle, sales director at PTFS, says as lenders are starting to withdraw from the ASU market the system can help brokers to target available products.
He says: “Over the next few months we are likely to see product ranges change due to stricter under-writing and even an element of providers cherry-picking lower risk business.
“Some major providers have already withdrawn certain aspects of cover and restricting business where it is not related to new mort-gages or remortgages.”
But not all brokers are offering ASU. They say they have lost the faith in ASU and payment protection insurance and are looking at other products.
Kevin Morgan, managing director of Consilium Financial Plan-ning, says: “I don’t have a lot of confidence in ASU. We try to get a different deal for clients which offers better value for money.”