The provision of mortgage payment protection insurance is important to lenders, brokers and consumers.For lenders it provides a way of limiting credit risk, for consumers it provides protection against the ups and downs of life and for brokers it provides an important income stream to complement lender fees. But one of the biggest problems for the broker is finding a product supplier that can deliver a good value product at the point of sale. At the same time, the broker needs to control all aspects of the consumer relationship right through to claims handling. The intermediary must make sure that all aspects of the policy and process are compliant, particularly with regard to the Treating Customers Fairly aspect of Financial Services Authority regulation. This means having up-to-date management information on all aspects of the process. A new MPPI product provider claims to be able to do all these things online. Advent Solutions Management and Hitachi Capital Insurance Europe have formed an alliance under the name Securah, to provide a complete online MPPI solution for mortgage brokers and IFA networks. Advent was established in 2000 by a team of London stock market brokers and underwriters and in April 2004 it enhanced its service with the acquisition of Connectmi, which is a company that provides claims administration services. Hitachi Capital was established in 1982 as Hitachi Credit and gained a full listing on the London Stock Exchange in 1997. Hitachi Capital Insurance Europe is a subsidiary of Hitachi Capital. The company provides creditor guaranteed asset protection, extended electrical warranty and extended furniture warranty. It has 260,000 policy holders. Securah says it will provide market leading products and commission delivered through an online point-of-sale system called PolicyBox. Customer details will be input on to PolicyBox by the mortgage broker or IFA selling the MPPI policy. The same details will be carried through all stages of the transaction, including claims. Data input is easy and PolicyBox can be linked to whatever system the network provides to members, so the mortgage broker can access PolicyBox via that system. PolicyBox enables all users to provide validated quotations for standard products without referral, complete proposal forms and direct debit authorities, and to issue policy documentation, all at point-of-sale. It also provides simple customer relationship management tools, reports on all aspects of the sale, renewals, commission reports and, if required, claims reports. This information, because it is accessed online, is available to clients at any time. PolicyBox is a tool that makes the sales process easy for mortgage brokers and network members. The software has been written with their needs in mind. It will be these systems integrated into point-of-sale systems that will provide the tools intermediaries need to deliver enhanced service to their clients and secure a profitable future.
BM Solutions is rumoured to be joining Trigold’s specialist sub-prime electronic non-conforming platform.If true, the announcement would represent a dramatic turn around for the HBOS subsidiary. As part of Trigold ENC is heavily backed by Abbey, whereas HBOS is one of the primary backers of arch rival Mortgage Brain.BM Solutions caused controversy when ENC was […]
By Rebecca Atkinson Research from Landlord Mortgages shows that letting agents in some regions of the UK are overstating rental returns on investment properties by up to 25%. Posing as tenants and potential property investors, researchers asked how much a two-bedroom flat in specific developments could be rented for. While London at 25% and Birmingham […]
A consortia of 15 local authorities and housing associations have been given 1.6m funding to help set up sub-regional choice based lettings schemes as part of a Government drive to offer more choice and better services for home-seekers.The funding will ensure a further 59 councils adopt a choice based lettings approach, bringing the total to […]
The Saffron Walden Herts and Essex has launched a website to make its products and services even more accessible to its customers based all over the country as well those using its 12 branches in the East of England.The website was created after consultation with the members to see exactly what they wanted out of […]
Portfolio Manager David Herro of Harris Associates discusses how macro economic instability can be exploited; how volatility can create opportunities to buy into businesses at low prices.
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