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Initial commission axed on CleverDic net service

IFA Denyer Insurance Consultancy is offering an online execution-only service with no charge initial commission to target clients with orph-aned policies.

The website offers comparative quotes for life insurance, critical-illness cover, pensions, Isas and mortgages.

CleverDic has teamed up with Skandia to use its My Multi-Fund Shop fund supermarket to provide Isas. Mortgages are sourced through the Mortgage Brain platform.

The CleverDic site will administer policies for clients where the original salesforce has been disbanded.

The service will charge a £50 admin fee for every new policy taken out and will get renewal commission which is built into policies by providers.

Initial commission will be rebated for new products bought online. If a client wants to increase an existing policy, CleverDic charges a stand-

ard £25 fee. It says it expects to expand its offering in the next few months to include general insurance products and possibly a further fund supermarket.

The company will use affinity groups to target consumers. It says the service is ideal for policyholders who want to make simple policy alterations or increases without incurring the high costs of initial commission when little work is required.

CleverDic founder Simon Hill says: “Our concept is a very simple one – we redirect all the initial commission back to the policy for the benefits of the policyholder and in return we charge a small fee.

“The business works bec-ause we receive the renewal commission, which policies pay automatically. It is a case of looking after the pennies.”


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