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.
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