Jackson Lee Underwing has partnered with Bluefin Network to give brokers access to a new and varied selection of products.
The new products include guaranteed asset protection (GAP) insurance, excess protection, learner driver cover and landlord’s home emergency cover.
Speaking to Insurance Business UK,
joint managing director of Jackson Lee Underwriting Mark McLaren said the ability for brokers to now offer GAP insurance has come about after regulation changes from the Financial Conduct Authority.
“Brokers have been offering it to a certain extent for many years, but the spotlight from the regulator has meant that its exposed the opportunities for brokers to offer GAP to their customer base,” said McLaren.
GAP insurance, designed to cover the difference between the amount paid for a vehicle and the amount an insurer will pay if the car is written off, was previously sold at dealerships when a car was purchased. However new regulations the Financial Conduct Authority introduced last year were designed to give other markets the opportunity to sell the cover, including brokers.
McLaren also said that learner driver cover offers an interesting proposition to brokers. The product provides short term cover, between one week and six months, to a learner drive as they get to grips behind the wheel. The advantage for customers is they avoid an extra person added to their policy. If a claim is made, it won’t affect any kind of no-claim bonus the main users of the car have racked up.
“There’s a number of brokers that have requested to have access to that product, certainly we saw an opportunity in the market to come in and offer this facility through our system,” said McLaren.
Duncan Pagan, Operational Director of Bluefin Network said these new products fill gaps for brokers.
“We understand the competitiveness of the market and are committed to working with the right partners to fulfil the needs of our brokers and their clients,” Pagan said. “We want to provide them with a diverse product offering that they may not previously have had access to, which all forms an important part of our network proposition.”
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