Article date: 22 July 2008
- Enhancements will make life easier through an improved sales platform and alternative revenue stream for advisers
In August, Trigold, the UK's leading mortgage sourcing company, and Norwich Union are to launch a new integrated protection tool built into Trigold's Prospector AAA mortgage sourcing platform. The protection tool will offer advisers hassle-free quotes and underwriting for life insurance.
With mortgage completions declining, a procuration fee shortfall due to the current credit crunch and the protection gap cited at £2.3 trillion1, the new tools will provide advisers with a great opportunity to tap into a new revenue stream and write more protection business.
With 25,000 subscribers - equivalent to nearly seven-in-10 of the mortgage adviser market - Trigold's Prospector AAA platform provides a seamless platform to offer advisers a great value and easy solution for providing insurance for their clients. Enhancing the Prospector platform will encourage insurance to be considered earlier in the sales process, giving an immediate, indicative quote, to make it easier for advisers to advise on and write insurance, and will provide the client with an "all in" cost of financing the mortgage.
Quick and simple to use, the key changes to the Prospector platform include:
- A new "quick quote" for insurance: as client data is entered to source a mortgage, the software automatically generates an indicative quote for different types of insurance which can be presented at the start of the sales process.
- A new "cost planner": the software simply calculates a total monthly cost based on the insurance and mortgage.
- Seamless access to Norwich Union's "Simplified Life Insurance" which has been adapted for offline use and integrated into Prospector. Following the adviser's research of the market, if the client wishes to purchase life insurance following the quick quote on Trigold, a pre-populated application can be completed offline through Trigold and then subsequently submitted online. In cases where further personal information is required, the adviser has the flexibility to complete the application online or for Norwich Union to contact the customer by telephone.
The indicative quote facility will not affect any existing arrangements advisers and their networks may have with Norwich Union or other insurers.
Louise Colley, head of marketing protection at Norwich Union said: "This is a fantastic partnership which will offer advisers an integrated process as part of the mortgage advice and sale. Protection is an area that quite often gets overlooked and this platform will allow advisers to offer their customers a seamless, fast and easy quote early on in this process. This will illustrate how affordable life insurance can be. We see this partnership as a great opportunity to help plug the protection gap and allow mortgage advisers to generate additional sales revenue."
Martin Colyer, managing director of Trigold said: "As the mortgage sourcing tool of choice for 70% of mortgage advisers, the improvements to Prospector AAA will allow advisers to easily access new business areas. The entirely new indicative quote feature allows advisers to provide informed advice on the true monthly cost to the customer, enabling them to budget accordingly. The integration of Norwich Union's successful Simplified Life Insurance provides advisers with an easy to use off line solution from one of the leading life insurance companies which we believe will be the slickest application on the market. This will help the adviser to source a competitive product, meet customers' needs and generate valuable insurance commission income. This initiative is complemented by the recently announced Trigold Business Academies where the initial focus will be on providing advisers with the skills to generate more life insurance business."
For more information, please visit www.trigold.co.uk
1 Source: Swiss Re Term & Health Watch (2008)
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Notes to editors:
Norwich Union is the UK's largest insurer. 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.
Norwich Union is the UK's largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media