BIBA has worked closely with Millennium Insurance to develop a new protection product that it believes will help address the markets 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 products 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 2400 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.
Steve Foulsham, BIBAs Technical Services Manager, said:
We are delighted to be able to offer our members a broker delivered solution to payment protection, utilising the fresh approach of protecting regular monthly payments. This will enable brokers to extend added value to a range of personal lines clients.
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 Lloyds 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 CIIs Gold Standard for Chartered Insurance Brokers.
David Swan, Senior Class Underwriter at Jubilee noted:
We are very pleased to have worked with Millennium Insurance to bring BIBA members this fresh approach to PPI. It addresses many of the issues that the previous generation of products failed to deal with. We are sure that BIBA members will find that the standalone approach and easy access via Millennium will help them deliver even more value to their customers.
