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Building and Contents Insurance
www.getbuildingandcontentsinsurance.co.uk
www.getbuildingandcontentsinsurance.co.uk
Introducing a true comparison service for professional financial intermediaries and their clients
Introducing a true comparison service for professional financial intermediaries and their clients
(PRWEB UK) 27 September 2012
Following FSA authorisation and successful launch of the What Insure intermediary platforms in January 2011, What Group are extremely proud to announce the launch of What Compare, a highly innovative and brand new service for financial intermediaries to offer their clients that provides true product comparisons across general insurance, leisure and lifestyle products – everything from Buildings and Contents insurance to Motor Breakdown cover.
The development of What Compare was driven by three concurrent factors. First, the impending impact of RDR and the need for advisers to seek out and provide, greater value within their client portfolios. Second, the increasingly aggressive activity of existing price comparison websites (PCWs) encroaching into adviser’s traditional client service areas. Third, the output of the 2010 FSA Thematic Review of the price comparison websites, which highlighted concerns with customer eligibility and the transparency of their business models.
It was clear that advisers needed to combat the PCWs and clients needed a more transparent and client friendly service that provided them with trusted brands in a clear and true comparison model. What Compare is the first product comparison website designed specifically for professional advisers to provide to their clients, providing a true comparison service designed to be driven by individual client’s needs, not just price.
After an extensive period of development and following a successful pilot with a small number of financial advisers and their clients What Compare is now available to all professional financial intermediaries.
Neil Harkin commented ‘’Whilst What Insure was designed to be used by advisers already actively offering advised general insurance services to their clients, What Compare is designed for those many advisers who perhaps haven’t engaged in general insurance previously but who are aware of the opportunity and the added value of providing this service to their clients. What Compare is an introduced only, non-advised, passive and recurring income solution for those advisers who want to broaden their offer to clients with minimal administration. This then provides them with more time to focus on the really important aspects of service provision.”
Harkin added, “Furthermore, advisers are having to critically assess their services and decide on an advised or non-advised approach for their clients, whilst continuing to add greater value to those relationships. Therefore What Compare is a great added value service to offer, particularly following a client segmentation exercise. Additionally, as an introduced only service, the client transacts in their own capacity.”
What Compare offers advisers a simple and low cost opportunity to earn passive revenue as well as offering real tangible value to clients. Advisers receive an introductory fee for every product and service their clients purchase from the site at new business and renewal for the lifetime of the product.
Using the findings and recommendations of the 2010 FSA Thematic Review, the design of the What Compare site and in particular the customer journey, has been critical to creating a genuinely transparent and TCF environment. This not only delivers a rich source of generic product information and help text that empowers the client to select and build the right product and cover for their individual circumstances, but also offers products from market leading providers.
Gregg Taylor, ‘’Given the increasing amount of direct marketing activity driven by the current comparison websites now attacking the wider FS market, the need for financial intermediaries to offer this functionality and TCF service to their clients is ever more pressing, which is why we believe that the launch of What Compare is perfectly timed. What Compare has a very clear no cross sell agreement with product providers protecting the intermediary client relationship.’’
What Compare
26th September 2012
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Home Buildings And Contents Insurance – The Most Important Cover of All
Article by Tom Jones
Let’s face it; the average home owner nowadays is in debt. They’re paying off a mortgage, they’re paying off a car and most are paying credit card bills as well after having gone out shopping for a new flat screen TV, or the latest surround sound system.
You don’t often come across families any more who are willing to keep the same old fridge for twenty years. Instead, most couples replace household appliances continuously and this usually means they’re constantly in debt.
With all that debt around your neck, do you really believe you could afford to purchase a second home in the event your current one got ravaged by fire? Perhaps you’re unfortunate enough to get hit by flooding, something which seems to be happening ever more frequently in the UK lately. Sure, flood waters may not sweep your home away, but they’ll certainly cause severe damage to your property and possibly to your belonging as well.
With this in mind, is it really worth taking a chance, considering buildings and contents insurance is for the most part very affordable. After all, nobody can predict when a disaster will strike and neither can you be sure it’ll never happen to you. In fact, there was severe flooding in many parts of the UK just recently and one can only wonder how many of those who were affected are unable to rebuild their lives simply because they had chosen to go without insurance.
Buildings and contents insurance actually refers to two different types of insurance, although in the vast majority of cases, the two are provided alongside each other. This is mostly because people, who realise the importance of builds insurance, also realise how important contents insurance is and providing you get both types of cover from the same provider, a huge discount is usually made available to you. So, what are the main differences between the two types of cover?
Buildings insurance covers the structure of your property. In other words, it covers the building itself, together with all fixtures such as fitted kitchens, fitted bathrooms, fitted cupboards and etc. It also covers any outbuildings on the property, as well as your perimeter wall or fence. Ideally, when you take out buildings insurance, you need to make sure the amount you’re covered for is enough to rebuild your home if the need ever arises.
Generally speaking, the insurance company will advise you as to how much cover you require, bearing in mind that the cost of re-building is always less than the market value, simply because even if your home is destroyed, you’ll still have the land it stood on.
When purchasing contents insurance, you need to focus on what’s referred to as being the ‘sum insured’. Basically, this is the maximum amount of money your insurance company will pay in the event of a claim. Don’t be tempted to set this figure too high in the hope of getting more out of your insurance company. The insurance company will not pay out the full sum, but instead, they’ll pay you what they believe your possessions were worth, even though you would have been paying higher premiums. On the other hand, if you set the figure too low, the amount of money you receive won’t be sufficient enough to replace all your belongings. The key is to be as honest as possible and as accurate as possible.
Perhaps the most important thing of all when choosing home buildings and contents insurance, is that you need to shop around for different quotes and of course you really do need to make sure you understand exactly what is and what isn’t covered in a policy before you accept it. Remember, if you don’t fully understand your policy, you could end up providing your insurance company with an opportunity to avoid paying you out if you ever submit a claim.
About the Author
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