Network Data has signed a deal which will enable all its appointed representatives to place their business with Paymentshield.
This alliance also means that ARs with existing Paymentshield policies will continue to receive their monthly commissions.
This follows significant increases in term commissions and an increase in the products and providers now available through Network Data's insurance panel.
Network Data will release a new version of its mortgageLink software in August, which will meet all FSA requirements and include Paymentshield's Inertia system.
A further release will be developed which will fully integrate the system within the mortgageLink system before January 14 2005 - the start of insurance regulation.
mortgageLink will provide fully compliant insurance rules including production of “demands and needs” statement.
Richard Griffiths, managing director of Network Data, says: ” We are very pleased to be dealing with a major insurance provider such as Paymentshield and their leading edge systems for electronic submission of proposals with same day on risk cover. We are committed to providing the best range of insurance providers and products in line with our comprehensive lender panel.”