West Bromwich Building Society launch new Household Insurance scheme
08/10/2008 13:52:13 by Marketing
West Bromwich Building Society (WBBS) launches new Household Insurance product underwritten by Norwich Union administered by chartered insurance brokers Millennium Insurance.
The policy is being sold via the WBBS branch network, the Society’s central Mortgage teams and is available to mortgage borrowers, investors and the general public.
WBBS Home Insurance gives a choice of Standard or Accidental Damage cover for owner occupied homes up to 5 bedrooms with a range of discounts on offer including up to 6 years No Claims Discount. Optional cover can be added for valuable items away from home including specified items over £1500 each.
The policy was specially developed by the Society with Norwich Union using a bespoke online Point of Sale (POS) quote and application system designed and implemented by Millennium Insurance, who were recently acquired by Direct Group.
The online system handles the full quote to submission process including a personalised Demands and Needs Statement for each customer, with the insurance application completed on line with a simple Statement of Fact.
David Taylor Insurance Product Manager at West Bromwich Building Society said “The Millennium Trading Centre system gives us the speed to market we needed in developing a new Home Insurance product with our selected insurer Norwich Union. As well as being a great POS system for stand alone insurance for branch and HO staff the Trading Platform can be integrated into our next generation mortgage application process so future scalability is already built in.”
Stephen Clowes Managing Director of Millennium said “Our GI trading platform has traditionally been used primarily by mortgage intermediaries, but working with WBBS has enabled the pipeline application status tracking and MI capabilities to be used to the platforms full potential, allowing WBBS Area Managers to monitor the activities of their branch network from any PC.”
Derek Coles CEO Direct Group added “I am delighted Millennium Insurance will provide all back office insurance policy administration services and handle all non standard risks and tailored underwriting issues for the Society”.
West Bromwich Building Society – Facts
WBBS
- employ nearly 1000 staff.
- distribute products and services through branches (48, primarily in the West Midlands), telephone and internet.
- are the 8th largest building society in the UK and have assets of over £8bn.
- demonstrate commitment to mutuality in a tangible way. Last year WBBS shared over £34m with members through competitive mortgage and savings rates and extra Privileged Membership rate benefits to reward loyalty.
- invest more than £500,000 each year in local communities through sponsorship and by supporting community and grassroots projects.
Millennium Insurance Brokers Ltd – The Facts
Millennium Insurance was acquired by Direct Group in June 2008 and as part of the wider group now offers a full range of insurance & protection services for financial services companies, from product design and point of sale implementation to premium collection, policy administration and claims management.
Millennium is a CII Chartered Insurance Broker, and handles a number of GI schemes under delegated authority from a range of insurers specialising in Household and PPI. It the new distribution arm of Direct Group and can handle all kinds of non standard household risks, plus a range of personal and commercial lines business.
About Norwich Union
Norwich Union is the UK’s largest general insurer with a market share of around 15%, with a focus on insurance for individuals and small businesses.
It is a leading provider of life, pensions and investment products and one of the largest Financial Adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
In the summer of 2009 Norwich Union will change its name to Aviva. Aviva is the world’s fifth largest insurance group and operates in 27 countries. Aviva is to become the customer brand worldwide, thus enabling the company to compete even more effectively on a global scale for the benefit of customers, staff, business partners and shareholders.
For further information please contact Hilary Thompson, Communications Officer, at: hilarythompson@directgroup.co.uk
Direct Group Acquires Millennium Insurance
03/06/2008 10:00:00 by Marketing
Direct Group Limited today announced it had bought Millennium Insurance a Midlands based provider of General Insurance solutions to the Mortgage broker and IFA market, for an un-disclosed sum.
Derek Coles CEO of Direct Group commented “ Millennium provides Direct Group with a front end sales proposition for our Corporate and Affinity customers offering a full range of General Insurance products across both Personal and Commercial lines. It fits well with our established policy Administration and in house Claims management businesses allowing the Group to access new markets and provide a broader range of services to both new and existing customers. We have examined a number of opportunities since the buyout last year and with the distribution and capability Millennium provides Direct Group this is an excellent fit.”
Steve Clowes Managing Director at Millennium added “We can provide a one-stop solution for our Business Partner clients using the Millennium Online Trading Centre or, our Referral service where we can undertake the regulated General Insurance sale on our clients behalf, or alternatively Affinity Programmes where we provide a web to web link for clients customers to “self select” their General Insurance needs on a non advised basis. Working as the in house distribution vehicle for Direct Group we can provide a full set of FSA regulated broker based point of sale options with full back office support to the wider Direct Group customer base.”
Coles ended by saying “this move allows us to deepen our product and service offering to both the mortgage and intermediated markets.”
Notes to Editors
Company Background
Direct Group has grown rapidly since its launch in 1990 and was subject to a management buyout in August 2007; the management team acquired the business with the backing of Lloyds Development Capital and Barclays Bank. This deal will be a launch pad for rapid growth for Direct Group as it plans to treble over the next three years through acquisition and organic growth.
Millennium Insurance Brokers Ltd was established in 1996, and is a CII Chartered Insurance Broker and member of BIBA.
Company Vision and Culture
As a Managing General Agent (MGA), Direct Group aims to be the leading insurance services provider to the UK financial services marketplace. This vision is based around a philosophy of “treating customers and partners as we would expect to be treated ourselves”. The high quality of service offered by Direct Group is supported by a scalable and robust business platform which not only provides Clients’ and Insurers’ with unparalleled quality of management information but also provides the basis for expansion into new products and new market sectors.
Direct Group currently operates on a business-to-business basis by offering products to financial institutions, corporates and affinities.
The services offered by Direct Group include product design, account development and training, policy administration, premium collection, claim handling and sales, insurer and captive reporting.
Direct Group Limited is authorised by the FSA.
For further information please contact Hilary Thompson, Communications Officer, at hilarythomspon@directgroup.co.uk or by telephone on 01302 380302.
Website: www.directgroup.co.uk
John Baldock joins Direct Group as Head of Fraud Investigation and Recovery Services
14/04/2008 09:00:00 by Marketing
As part of our ongoing programme for growth, Direct Group is pleased to announce that John Baldock will be joining the company from 1 May 2008 as Head of Fraud Investigation and Recovery Services.
Mr Baldock said: “There is an attractive vibrancy and energy about everything to do with Direct Group. To work in an entrepreneurial environment with resources to support business plans that encourage and support the development of the existing Investigation and Recovery Services both development and gives me a real buzz. There is massive demand across all product lines within the insurance market for the specialist handling of those claims where risk indicators have been triggered. Direct Group believes it is important to have a full range of counter fraud measures so that we can deploy the appropriate desk-based investigator or field investigator solution for each incident. We have a large national field team of specialist investigators from combining resource with our business partners. Direct Group will support our specialist investigators with access to the best research, data matching and analysis tools, as well as from fraud data sharing through membership of industry groups including IFIG and CIFAS. Recovery work has different challenges but has a natural affinity with Investigation Services. Key to success is to identify the right of recovery and its financial value as soon as is possible. There is already effective process in place where the risk is insured. Research helps us to save funds by only pursuing those instances with high potential for a successful recovery from first or third party individuals or businesses that have the ability to pay them. Cost effective success rates, particularly on low value claims, can be anticipated from appropriate early and positive action by our team.”
Derek Coles CEO of Direct Group said; “Direct Group is a long-established and successful business that is highly regarded by the partners we work with. We are involved in all aspects of insurance activities and in every insurance sector from property and casualty, to life and motor. John’s appointment will strengthen our counter fraud and recovery capability.”
John Baldock added: “It is my aim to work with our partners to add specialist investigation and recovery products to further enhance the reputation of Direct Group."
Notes to editors
John Baldock was formerly Director of Investigation Services at GAB Robins UK Ltd, where he worked for 24 years. He is a well known and respected counter fraud specialist in the insurance industry. He is a member of the CILA Anti Fraud Special Interest Group and has worked with the ABI and The Department of Justice on the investigation of arson fires and other Insurance Investigation matters. John was the lead investigator on the often quoted insurance fraud case M&W Khan-v- Direct Line and on the case of R -v- Chan Miah a fraudulent arson at a tandoori restaurant, which determined the admissibility of civil evidence in criminal prosecutions. He can be contacted at: johnbaldock@directgroup.co.uk or by telephone on: 01302 380302
For further information please contact Hilary Thompson, Communications Officer, at: hilarythompson@directgroup.co.uk
Direct Group To Offer Legal Services From Arc
07/04/2008 09:00:00 by Marketing
Arc Legal Assistance (Arc), the bespoke legal costs insurance provider, has been appointed to provide a family legal expenses cover and a range of legal services to clients of Direct Group, a leading Managing General Agent.
Direct Group has become one of a growing number of insurance businesses to use Arc’s Total Legal service, developed as part of the company’s unique operating model, to provide both insured and uninsured services ahead of the full implementation of the Government’s Legal Services Act. 2007*.
The Total Legal service will provide Direct Group’s clients with access to legal advice and support in a range of areas including, will writing, conveyancing and family matters provided by fully qualified and specialist Solicitors. These services are provided on a discounted pay on use basis and are in addition to the assistance provided within Arc’s family legal expenses insurance which covers legal costs incurred in a variety of matters including property, consumer and employment disputes.
Richard Miles, Marketing Manager at Direct Group, commented: “Arc’s ability to provide access to legal services and their expertise in developing bespoke solutions makes them an ideal partner. The quality and flexibility of their approach ensures we are able to maintain the high quality of service our clients expect.”
Richard Finan, Director of Arc said: “Direct Group has recognised the important role that the addition of legal services has in meeting the growing needs of affinity groups. We believe the Group’s ability to provide targeted insurance solutions will be great enhanced by our Total Legal service and offer them a clear service differentiator.”
Notes to editors
* The Legal Services Act is designed to ensure independent regulation of the legal profession and to provide greater competition in the legal services market. It achieves this by obliging all designated bodies to separate their representative and regulatory functions. It creates a new Legal Services Board (LSB) to provide an independent oversight of designated legal regulatory bodies, and will simplify and bring consistency to the current regulatory arrangements.
Norwich Union Appoint Direct Group for Hamilton Insurance Contract
22/02/2008 09:00:00 by Marketing
Direct Group is pleased to announce its appointment as Administrator to handle the policy and claims administration on the Hamilton Insurance contract that was acquired in November 2007 by Norwich Union. The deal involves the transfer to Direct Group of over 300,000 policies. Direct Group will provide services including run-off on the range of insurance lines that Hamilton currently offer, including household, creditor and personal accident.
Derek Coles, Chief Executive Officer of Direct Group, commented “This is a prestigious contract for Direct Group which reinforces the successful and long term working relationship we continue to have with Norwich Union. Furthermore it demonstrates Direct Group’s ability to handle scale and capacity, illustrating to the market that we can implement and deliver business projects of this size and nature.”
For more information please contact marketing@directgroup.co.uk
