Sesame launches general insurance product range

Sesame has launched a general insurance product range called Sesame Insure.

The range has been designed to strengthen its position in the growing GI market and help advisers take advantage of one of the fastest growing business areas.

Sesame Insure will enable advisers to offer their clients home and contents insurance cover, along with mortgage payment protection, and has been developed in conjunction with Royal & SunAlliance, who will administer and underwrite the business.

Research undertaken by Sesame found that 76% of advisers write general insurance business on a regular basis, and 66% of these said they expected general insurance to become even more important in the future.

Of the business being written by these advisers, 90% of general insurance sales were associated with a mortgage.

Of the regular writers of general insurance business, household (buildings and contents) was found to be the most popular cover and has been sold by 95% of these advisers over the last year.

This is followed by mortgage payment protection, which has been written by 82% of advisers over the same period.

In stark contrast, motor insurance was only sold by 7% of advisers, demonstrating the large market share taken by direct and internet writers.

Stephen Young, Sesame sales & marketing director, says: Advisers are increasingly seeing the opportunity to integrate general insurance into their business, in order to enhance their service to clients in the face of growing competition, and increase revenue for their firm.

The combination of a new regulatory environment and new technology has helped to streamline the sales process, and make this a very cost effective sale.

The case for general insurance is a compelling one and I would urge all advisers to consider the benefits, particularly those who are already active in the mortgage market.

When developing Sesame Insure, advisers told us that high quality products and excellent service were the two features they were most interested in.

Royal & SunAlliance was chosen after a rigorous selection process and has the right credentials and experience to deliver the support that advisers demand.

Sesame Insure will form the cornerstone of our comprehensive general insurance proposition, giving advisers access to a range of leading providers and products.

Mark Holweger, intermediated business director at Royal & SunAlliance, added: Weve worked very closely with Sesame to develop Sesame Insure, to understand their technology in delivering one sales platform for general insurance products, as well as understanding and listening to the way Sesame members want to do business.

We are delighted to have won this strategic partnership and we believe its an excellent opportunity for us to broaden our distribution to the wider financial services arena.

“This deal demonstrates R&SAs ability to grow business beyond the traditional distribution channels.

Key features of Sesame Insure include competitive consumer premiums and the reassurance that clients are benefiting from a market-leading product and service from a major general insurance brand.

Ability for advisers to put business on risk immediately, dedicated Royal & SunAlliance administration support team, competitive online commission rates, commission paid for the entire life of the policy, offering advisers a healthy revenue stream and the opportunity to build the capital value of their business.

Sesame support for advisers including sales aids, training guides and policy document samples.