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British Insurance sets up IP broker service

British Insurance is setting up a specialist income protec- tion brokerage service and has invested £500,000 to snap up the internet domain name incomeprotection.co.uk.

The company plans to launch in January 2007 and will look to beat rivals on price by refunding half of the commission on every policy sold.

In August, British Insurance launched a hybrid income protection and payment protection insurance product through its subsidiary Safety First but has now decided to enter the advisory sector in a bid to increase sales of IP across the market.

Managing director Simon Burgess says: “Income protection is the most important protection product on the market but consumers often get a raw deal from direct- selling intermediaries who are taking two to four years’ premiums as commission. I am determined to put an end to this profiteering.”

CWC Research senior partner Clive Waller says: “This is good news and just what the sector needs. I do not think any one thing will change the income protection market as it is just about repeating our messages over and over again.

“The timing of this is just right in light of the payment protection insurance concerns and the fact that critical-illness insurance is going through a few problems.”

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