Paradigm Protect is simplifying its offering to advisers by offering just one panel instead of two.
Since its launch five years ago, Paradigm Protect has run two protection panels – a preferred whole of market offering and an elite choice – but will now provide access to all its providers and products via one panel open to all directly authorised (DA) firms.
The directly authorised protection proposition says this new approach has been built off its established status and having listened to both adviser members and provider feedback. It claims members will now gain a number of benefits including simplicity, clarity, access to all providers giving them the ability to offer the full choice of protection products to their clients. In doing so, Paradigm Protect has told members this will not create any detriment to the commercial terms they currently enjoy.
Since launch, Paradigm Protect has adopted a ‘no loaded premium’ stance, so adviser users can be certain they will not be accessing loaded premiums and commissions which it believes are not in the consumer interest.
Mike Allison, head of protection at Paradigm, said: “Half a decade ago when we launched Paradigm Protect we were seeking to establish ourselves and the market was a very different place. Now we have cemented our position in the intermediary market, delivering both volume and quality to our provider partners.
“We have been in a constant dialogue with both our DA firms and those providers and feel now is the right time to move to a one-panel offering that will deliver access to the whole of the market, is easy to understand and can provide real benefits to advisers and their clients.
“This is all about delivering greater choice to the intermediary market but also ensuring advisers can have peace of mind about their recommendations, how they ensure they treat customers fairly and how they can ensure there is no perceived consumer detriment.
“This is a major announcement for Paradigm Protect and we believe it will further solidify our status as the best overall protection and general insurance proposition in the DA marketplace.”