View more on these topics

Personal Touch set to move CI policies to Bupa book

Non-regulated network Personal Touch Insurance has arranged a deal with Bupa which could see all its members&#39 unresolved Prudential critical-illness policies transferred to Bupa&#39s book.

It means that Personal Touch&#39s approximately 1,000 outstanding Pru CI cases will now have the option of being transferred to Bupa&#39s CI book.

Bupa&#39s rates are not as cheap as those originally offered by the Pru but it still offers premium guarantees, meaning that the rates will be fixed for the life of the policy.

The move follows the Pru&#39s decision two weeks ago to increase premiums and withdraw guarantees on pipeline and new cases because it was unable to deal with the levels of business it was receiving.

Bupa is the first provider to publicly say it is interested in underwriting business affected by the Pru&#39s move.

Personal Touch managing director Mike Allison says: “We needed to come to a solution pretty quickly for our members and their clients which this deal with Bupa allows us to do. It includes premiums offered on a guaranteed basis which is important to our clients.”

Bupa national account manager Richard Darling says: “We have been approached by a number of partners seeing if we want to help them with placing this business. We have developed a streamlined process to underwrite outstanding cases.”

Recommended

Traffic jams great as a source of new ideas

Traffic jams could be good news for IFA businesses, according to a study carried out by Vauxhall.The research found that 71 per cent of workers, including IFAs, have innovative business ideas while stuck in traffic jams.The car manufacturer claims that although traffic jams provide good opportunities to think, financial staff prefer the open road, with […]

Independent view

Prudential&#39s decision to alter the terms of critical-illness applications awaiting acceptance terms has understandably resulted in outrage in the IFA community.After 41 years in the business, I was not remotely surprised. Nor am I shocked at life companies deducting an MVA when projecting a maturity value. It is obvious to any observer that an IFA […]

Life office free asset ratios fall but sector secure says report

Life office free asset ratios fell 2 per cent to 5 per cent from 7 per cent in 2002 leaving two to three companies feeling significant pressure on their margins according to research from consultancy Mercer Oliver Wyman.It says despite the fall from 2001, many of the recent concerns over the sector&#39s solvency have been […]

Scottish Life Mortgages launches virtual bank

A virtual bank to help intermediaries generate alternative income streams has been launched by Scottish Life Mortgages.The facility offers access to personal loans, credit cards and household insurance products from a number of providers including Sterling, Loan One, Nationwide and Tesco. The range of products on offer will be increased over the coming months to […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment