Abbey has launched a commission package for intermediaries whose sign clients up to its Peace of Mindhome insurance or Paymentcare mortgage payment protection insurance policies.
On each of these types of cover, intermediaries will now receive a percentage of the annualised premium1 as a lump sum when a new policy comes into force and further renewal commission, paid in monthly instalments, replacing Abbey’s previous flat commission fee.
To promote the deal, until the end of the year intermediaries will also be automatically entered into a prize draw every time they complete a full insurance quote online. Prizes include a weekend break in Monte Carlo and a trip to Spain to watch Barcelona vs Real Madrid.
Lloyd Wilson, head of insurance marketing at Abbey, says: “Peace of Mind and Paymentcare are both strong products for the intermediary market. Our previous commission fee did not reward intermediaries based on the size of premiums involved in the sale. However, Abbey’s new competitive commission package, combined with its strong products and online application system will give intermediaries an additional and ongoing income stream.”
Peace of Mind home insurance provides people with an unlimited sum insured on their buildings and contents cover. This means that they do not risk finding themselves under-insured if they need to make a claim. Paymentcare, Abbey’s MPPI policy, is available for accident and sickness and/or redundancy.
Unlike many other products, Paymentcare covers policy holders for backache and stress. Home owners can also choose any combination of cover that best suits their needs.