Reliance Mutual Insurance Society has launched a scheme aimed at intermediaries looking to ‘brand' their own protection products without having to carry out administrative back office functions.
Les Etheridge, chief executive at Reliance Mutual’s says, ‘The Partnership Package’ will see the Mutual role provide back office services, leaving their intermediary ‘partner’ to deal direct with their clients and market the products.
“We are very interested in hearing from those parties who have a desire to offer their own branded protection plans, have the marketing skills, and access to effective distribution with the scope to produce upwards of 2,000 sales per annum,” he adds.
As part of the ‘The Partnership Package’, Reliance Mutual will provide a range of protection products such as term assurance and whole life and critical illness. But Personal Health Insurance and Private Medical Insurance policies are not included.
The back office administration services will be menu based and will include actual policy issue, premium collection, commission payment, client administration and claims processing.
Reliance Mutual will also provide underwriting support, compliance support and electronic transfer of the plans sold.
Etheridge adds: “Our partners will benefit from providing a range of protection plans individually branded to suit their clients’ needs. They can concentrate on what they are good at, acquiring new business, whilst leaving all the behind the scenes activity to us.
“We have launched ‘The Partnership Package’ as such new business, in addition to the acquisition of closed books, contributes to our own growth. This is an attractive commercial proposition for the creation of ‘white label’ products with large parts of the administrative and underwriting processes undertaken by an efficient experienced organisation.”
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