Halifax has launched an additional choice of commission structure for mortgage brokers advising on household insurance policies.
The new commission structure will be available on Halifax Buildings and Contents business accessed via the Halifax, Bank of Scotland or TMB Intermediary online platforms.
The offer is only available to brokers who self serve i.e. those who sell Halifax household insurance directly to their clients via the online system. Eligible brokers can opt for the new commission structure or stick with their “standard” commission arrangements.
If brokers choose to opt for the new structure, they will receive commission upfront for the first 3 years, which equates to 75% of the first year premium. From year 4 onwards, brokers will receive commission on a monthly basis for the lifetime of the policy.
Halifax head of mortgage intermediaries Jon Craven says: “Halifax General Insurance has invested heavily in the Intermediary channel over the last couple of years. We’ve listened to brokers and refined our products and systems to ensure quality and value for the customer, simplicity of sale and a decent return for the broker.”
“Our products will be the deciding factor here. All we ask is that intermediaries and their customers consider our products alongside those offered by other providers of general insurance.”