BIBA and Millennium Insurance join forces to launch new Committed Payments Protection scheme
13/05/2010 09:00:00 by Marketing
The British Insurance Brokers’ Association (BIBA) has appointed BIBA member Millennium Insurance, the distribution arm of Direct Group, as the exclusive provider of its new members’ scheme for protection insurance.
BIBA has worked closely with Millennium Insurance to develop a new protection product that it believes will help address the market’s concerns in relation to traditional payment protection insurance (PPI).
This new product takes a fresh approach to the traditional point of sale purchase which has generally been directly linked to loan provision. The PPI scheme product will be sold on a ‘standalone’ basis with or without a mortgage or loan. It will be flexible for customers to cover regular bill payments that they are committed to, in the event of unemployment or inability to work due to accident, unemployment or sickness
BIBA recognises the product’s launch, which coincides with significant economic and political change, is an important step in helping brokers to raise standards. The new Committed Payments Protection provides many extra features and benefits including:
- Payments Protection – ability to protect regular bill payments of £200 to £2,000 per month
- Life cover (optional extra) – the ability to cover a fixed sum insured of £2,400 to £24,000
- Back to Work – confidential and independent advice programme offering practical assistance
- Legal Protection – help in appealing or defending employment or contract disputed and negotiating a settlement for bodily injury or death
- Helpline – 24/7 confidential legal advice on personal tax matters, general health and medical issues
BIBA firmly believes that in the current economic environment this type of ‘standalone’ protection product provides a good opportunity for its’ members to extend their services, who as part of their day-to-day environment are used to providing advice and suitable products to their customers.
This product - a Committed Payments policy underwritten by Jubilee – will enable BIBA members to access Millennium Insurance online and quickly obtain quotes.
Derek Coles, CEO of Millenniums’ parent company Direct Group Limited added “I am delighted that with BIBA, we have developed this innovative solution for wider broker distribution at an economic point in time where customers need protection the most. Where understanding broker needs are concerned our underwriting partner (Jubilee) has a long established position in the Lloyd’s Market and Direct Group are pleased to work with them as insurer on this innovative solution.”
This new relationship with BIBA comes off the back of Millennium Insurance being recognised by the industry in gaining the CII’s Gold Standard for Chartered Insurance Brokers.
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About Millennium Insurance
Millennium Insurance was acquired by Direct Group in June 2008. It has fast become Direct Groups’ distribution for personal lines products. Millennium Insurance focuses on delivery as a Third Party Administrator for brokers, corporate and affinity partners.
Millennium Insurance Brokers Ltd was established in 1996, and is a CII Chartered Insurance Broker and member of BIBA.
About Jubilee
Jubilee is a specialist personal lines insurer and has been providing PPI and Life Insurance in the Lloyd’s market for over 30 years.
Committed Payments Protection is underwritten by Jubilee’s Syndicates 5820 (PPI) and 779 (life option).
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes 1700 regulated firms. Insurance brokers and intermediaries distribute nearly two-thirds of all UK general insurance. In 2007, insurance brokers and intermediaries generated £1.5 billion of invisible earnings and they introduce £22 billion of premium income into London’s insurance market each year.
BIBA is the voice of the industry, advising members, the regulators, the Government, consumer bodies and other stakeholders on key insurance issues. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards. BIBA works closely with the Chartered Insurance Institute to provide training to those working in the industry and actively participates in helping the industry and its customers deal with some of the major issues of the day.
