Thousands of advisers will soon have access to three new mortgage-related general insurance offerings which will compete against existing players such as Paymentshield.
Outsourcing firm Capita and Vertex-owned portal The Exchange will offer GI products aimed mainly at mortgage advisers. This is in addition to the planned launch of a Paymentshield rival run by the firm’s former marketing director Gareth Riding.
Capita will offer buildings and contents insurance in the next few days and mortgage payment protection cover later in the year. This will come from a panel of 14 insurers run by its broker subsidiary BDML.
The Exchange is setting up a GI trading platform to mirror its life and pension platform. It will use an unrestricted panel of insurers to offer MPPI, accident, sickness and unemployment cover and buildings and contents insurance in the second quarter of the year.
Riding and his brother Michael have helped set up consultancy firm 3XD, which stands for three ex-directors, but the brand for the launch has yet to be determined.
British Insurance managing director Simon Burgess says: “These launches are welcomed. For too long, brokers and IFAs have relied on second best.”