Source Insurance has launched Source Express in response to demand from brokers for a faster more streamlined household insurance product in the face of severe time constraints.
Kevin Paterson (pictured), managing director of the the specialist GI provider, said: “We undertook extensive research with our brokers to try and understand why, when mortgage business is at a five year high the sale of GI products is not following suit. The results showed that the increased volumes and extra work required to get a mortgage case through in a post-MMR world was impacting the sale of protection and general insurance.
“In response to this, we have created Source Express, working exclusively with LV= Broker to create a competitive, quality home insurance product that could be offered on a solus basis with minimal comparison or compliance restrictions. Our brokers told us that it was equally important to have the option for their administrators or paraplanners to be trained to sell on a non-advised basis, and that is what we have created.”
Because it’s a single product, other non-regulated members of the broker’s team could be trained to sell it.
Michael Lawrence, personal lines director at LV= Broker, said: “This is an exciting time for the mortgage industry as property values have soared and thousands of buyers are keen to borrow now before tighter regulations are fully implemented. Mortgage brokers are ideally placed to offer home insurance to clients while dealing with their loan application. We already have a very successful relationship with Source Insurance and we are delighted to be working with them on this new venture.”
