TMA to launch general insurance service

The Mortgage Alliance (TMA) will launch into the general insurance market following feedback from members.

TMA will team up with Halifax and Abbey for Intermediaries to offer the products to all members.

According to TMA, an increasing number of intermediaries are now looking towards ancillary products to help increase income at a time when mortgage volumes are low.

TMA also sought feedback from members in order to provide a proposition that suited the needs of advisers.

“The feedback we received from our recent research has certainly helped us concentrate our focus on what brokers require from a GI proposition and we are pleased to launch with two providers who share this vision,” explains Phil Whitehouse, head of TMA.

“TMA is also in talks with other GI providers with a view to creating even wider product choice and competitive intermediary commission terms.”

Adrian Whittaker, key accounts director at Abbey for Intermediaries, claims many households are underinsured, and says insurance offers intermediaries the chance to add value for their clients.

“One in four homes remain uninsured according to the Association of British Insurers, indeed, recent statistics suggest that as many as 257,000 home insurance policies are declined each year as a result of homeowners being underinsured,” he says.

“By cross-selling and packaging a quality insurance product, intermediaries can help their customers by providing a necessary service while at the same time, improving their revenue streams.”

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