New BIBA products detailed within the latest ‘The Broker’ magazine.
08/09/2010 11:21:25 by Marketing
Millennium Insurance’s new protection products, Committed Payments Plan & Redundancy Cash Plan, detailed within ‘scheme’s focus’ section of the summer 2010 edition.
Protecting the payments that count
BIBA and Millennium Insurance Brokers have launched a new Committed Payments Plan designed for the financial protection of brokers’ customers in these uncertain political and economical times.
So, how does it work? Should the worst happen to customers, such as they are made unemployed, fall ill, have an accident or fatality, then protection with a Committed Payments Plan will cover those critical ongoing bills they are committed to pay for up to 12 months.
The product provides:
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22.5 per cent commission to the broker each year for life of the policy, paid annually up-front
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A free standing, flexible protection plan tailored to customers’ monthly budget
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Regular committed payments cover of up to £2,000 per month
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Optional death benefit up to 12 times the monthly benefit (max £24,000)
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Legal Protection up to £50,000 to help defend your customers rights in employment contract disputes, or negotiating a settlement for bodily injury
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Free 24 hour Help-lines giving professional confidential legal advice on personal tax matters, general health and medical issues.
But, what exactly are committed payments?
The answer is all customers’ important monthly financial commitments that are paid by regular direct debit or standing orders, including:
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Mortgage, rent or loan repayments
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Home improvement and/or car loans
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Key insurance premiums for Home, Motor, Life and Protection
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Credit card repayments
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Utility bills including Water, Gas, Electricity and Council Tax.
In terms of flexibility, it allows customers monthly protected benefit or cover, can be changed at any time to adapt to lifestyle changes or when additional debt is taken on or new financial commitments are made. It is completely free standing and portable so can be used to protect all loans and debts from any lender, or to pay all regular occurring direct debits and standing orders.
Customers can choose from:
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A monthly cash benefit ranging from £200 up to £2,000 a month
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Joint or single life cover
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Choice of “deferred ” or “excess” time periods per claim from Day 1 to 30, 60 or 90 days
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Choice of Involuntary Unemployment and/or Accident & Sickness , with or without Life Cover
Alternatively, Millennium offers a Redundancy Cash Plan with the same practical help and assistance, but which simply pays your customer a one-off £1,000 tax free lump sum payout as a result of redundancy.
The cost depends on the benefit and type of cover the customer needs. For a benefit of £500 per month, for full involuntary unemployment and accident and sickness cost (90 day excess) and a death benefit of £12,000 with legal protection and the free back to work assistance, the customer would pay £27.55 per month – less than £1 a day. The cash plan would cost only £9.17 per month.
BIBA Committed Payments and Redundancy Cash Plans are arranged by Millennium Insurance brokers, underwritten by Jubilee Insurance Lloyd’s Syndicates 5820 and 779. The legal protection is provided by DAS Legal Insurance Company Ltd.
Quotes can be obtained and cover bound via a free to use online Trading Platform or you can telephone the BIBA Broker Support Team on 08444 124 167.
To find out more about this new ground breaking broker solution to all those PPI concerns , contact Stephen Clowes FCII MIRM, Underwriting Director, at Millennium Insurance on 08444 124 153 or email him on stephen.clowes@directgroup.co.uk
BIBA Communication
30/06/2010 09:00:00 by Marketing
If you have recently received a communication from Direct Group or Millennium Insurance regarding new exclusive BIBA Committed Payment Schemes please find details below.
How to Buy
This is available via the BIBA branded online Trading Platform, which is an intuitive quote and application process which also produces a Demands and Needs Statement for your client. Click here to register for a user account to access and to start using the free system
Who do I contact for more information?
Millennium Insurance Brokers Ltd. Unit G3 Lacy Way, Lowfields Business Park, Elland, HX5 9DB.
Tel 0844 412 4167
MGA staff offered new roles in outsourcing deal
02/06/2010 09:00:00 by Marketing
Five UK General staff are set to be affected after the underwriting agency signed an outsourcing agreement with Direct Group.
Under the terms, Direct Group will take responsibility for processing non-complex commercial and motor claims. This equates to around 3000 claims a year.
Michael Warren, UK General chief operating officer, told Post that the staff impacted are claims handlers who currently work in Manchester. Under the terms of the agreement they will be offered relocation under transfer of undertakings regulations.
He added: "This is about each organisation doing what it does best. We know that Direct Group is a claims specialist and our experience of them has been good. It is a cost-effective solution, and the policyholder will get a better outcome."
Mr Warren said he believed the employees that decide to move will benefit because they are joining a larger organisation from a claims perspective: "There are far more opportunities there than within a relatively small claims team in an organisation like ours. Geography always plays a part in whether individuals are able to practically move from Manchester to Halifax. It will depend on their individual circumstances and that is what they are all considering now as part of the consultation."
The consultation period started on 18 May and will last for one month.
Mr Warren concluded by reiterating UK General is not looking for a new CEO to replace Tim Rolfe who left the group in March, continuing with Howard Posner as executive chairman.
http://www.postonline.co.uk/post/news/1652135/mga-staff-offered-roles-outsourcing-deal
Direct Group expands further with EVS deal
27/05/2010 09:00:00 by Marketing
Insurance services provider Direct Group, backed by Lloyds Development Capital, has completed the acquisition of Evander Validation Services for an undisclosed sum.
Preston-based EVS is one of three companies in the Evander Group bought from Homeserve in an LDC-funded transaction last September.
Following the latest deal, EVS managing director Colin Jones will continue to lead the division, which provides contents validation and fulfilment services.
It is the latest step in Direct Group's continued expansion which, since it was backed by LDC in 2007, has seen it acquire businesses including Millennium Insurance, a provider of general insurance solutions to the mortgage broker and independent financial adviser market.
The acquisition of EVS also widens Direct Group's portfolio, which includes outsourced insurance administration, claims handling and fulfilment; with products and services spanning property, protection, motor and travel.
Derek Coles, Direct Group chief executive, said: "We have rapidly grown our property and travel claims propositions and the EVS model complements both these areas. This move marks another significant step towards Direct Group's core strategy of delivering wider insurance solutions to our partners."
Mr Jones added: "Direct Group has been actively seeking a route into EVS' space and it became clear that a deal would be a strong cultural and strategic fit for both businesses."
Jonathan Simpson-Dent, Evander Group CEO, concluded: "Direct Group is uniquely positioned to take EVS to the next level and I am confident that this move will be beneficial for our customers and employees."
http://www.postonline.co.uk/post/news/1650505/direct-group-expands-evs-deal
Claims staff transferred to Direct Group to process motor and commercial policies
27/05/2010 08:30:00 by Marketing
UK General Insurance (UKGI) has signed a deal with Direct Group to outsource its non-complex commercial and motor claims, resulting in a number of staff being transferred over.
UK General Claims staff who currently work in Manchester and are affected by the agreement will be offered new roles in Direct Group at Elland, Halifax, under TUPE regulations.
UKGI claims director Nicola Lightowler said the decision was part of an ongoing strategic review aimed at making UK General one of the UK’s leading niche and specialist insurers among independent brokers.
She said the agreement with Direct Group will deliver further efficiencies without compromising service. “Brokers have told us that rapid and efficient claims processing is a top priority for them, and we are confident Direct Group can help us achieve this for our commoditised claims.”
Lightowler said UK General will retain a small team of technical claims experts to deal with all liability and high value property and motor claims.
“Our technical claims experts will now be able to fully focus on these complex claims, which will further improve UK General’s service to brokers in this key area,” she said.
Direct Group chief executive Derek Coles said the agreement built on an earlier partnership deal (signed in February 2009) between his company and Longhawk before the merger in June last year between Longhawk and Primary General to form UK General Insurance.
He said: “We already administer UK General’s claims in the travel, liability, GAP, creditor and property markets, and we are delighted to extend the relationship further by adding non-complex motor and commercial property claims to our claims administration portfolio.”
He added: “It marks the continued development of our strategy to offer a leading multi-product outsourced claims and administration model across a number of markets.”
http://www.insurancetimes.co.uk/story.asp?sectioncode=13&storycode=384661
