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Press Release 25 April 2006 Assurant Solutions Reinvents Payment Protection Insurance The Matrix Provides Consumers Access to Over 250,000 Policy Combinations Assurant Solutions, a specialist in creating insurance products that protect UK consumers’ most valuable assets – their income, health, home and possessions, today unveiled a new mortgage payment protection insurance product that enables consumers to purchase a cover that is appropriate to both their individual needs and budgets.
Through this new product - The Matrix - consumers will have access to over 250,000 policy combinations, an approach and level of flexibility not currently available through any other providers.
Assurant Solutions companies provide protection products to mortgage brokers, independent financial advisors, lenders and high street retailers. The Matrix is currently available to UK consumers via well-known independent financial services broker blackandwhite.co.uk.
Assurant Solutions said The Matrix meets head-on the criticisms that payment protection products don’t always provide the cover that consumers need.
“Distributors of mortgage payment protection insurance now can design affordable cover to suit the individual, rather than forcing them to accept a ‘one-size-fits-all’ policy,” said Ian Moffatt, Sales and Marketing Director at Assurant Solutions. “Furthermore, this product clearly communicates what is covered and, equally important, what isn’t covered.”
Mr. Moffat said criticisms levelled by watchdog groups and regulators have prompted many UK consumers to steer away from these products. “As a consequence, millions of UK consumers are at risk of indebtedness and default. This is a frightening predicament when you consider the average unsecured personal debt per adult in the UK is £4201 [1] and that 50% of the UK population has £600 or less in savings, and a third have no savings at all. [2]
“We recognised this situation long before the FSA, the CAB and the OFT called for change in the industry. The Matrix has been in development for more than a year. We hope that it will serve as a blueprint for other providers to follow.”
Assurant Solutions also has developed an automated software tool – Assurant Intermediary – to help distributors use The Matrix. The software essentially walks the advisor through the sales process to ensure the right solution is created for the individual consumer. Advisors are prompted to ask questions to determine eligibility and suitability at the appropriate time - ensuring the recommended cover is right for each individual customer.
Thomas Reeh, CEO at blackandwhite.co.uk, comments: “We are delighted to be at the forefront of change with regard to the development of a market leading payment protection product. Assurant Solutions has without doubt brought to the UK mortgage market a product that is desperately needed and will be very difficult to fault. This development introduces a product that is without competitor in the UK market today in terms of its flexibility and innovative matrix pricing model, and importantly a product that we believe is beyond reproach in terms of FSA, TCF and OFT requirements.
“The reception from our national team of Mortgage Advisers has been excellent as they can tailor a PPI solution which fits the customer’s individual needs perfectly. The matrix pricing system is easy to use and it’s very transparent for our clients. Market perceptions about PPI need to be changed dramatically and Assurant Solutions has delivered the goods. It’s certainly time for the numerous PPI doomsayers to have a very close look at this product and re-evaluate their position.” For further information please contact Sarah-Jayne Douglas or Lesley
Russell at Spotlight Communications on 01252 352399 or at lesley@spotlightcomms.co.uk. Note to Editors:About Assurant SolutionsAssurant Solutions is part of Assurant, a premier provider of specialised insurance products and related services in North America and selected other markets. Assurant is traded on the New York Stock Exchange under the symbol AIZ and has approximately $US20 billion in assets and $US7 billion in annual revenue. Assurant Solutions companies develop, underwrite and market niche insurance,
extended service contracts and other risk management solutions in collaborative
relationships with leading financial institutions, retailers, and automobile
dealers, utilities and other entities. Principal lines of business include
debt protection administration, credit insurance, warranties and extended
service contracts on appliances, consumer electronics, automobiles, recreational
vehicles and boats. They serve clients and their customers throughout
North America, the Caribbean and selected countries in South America and
Europe , including the United Kingdom, Denmark and Germany. Visit www.assurantsolutions.co.uk About Black & Whiteblackandwhite.co.uk is one of the UK’s leading financial services brokers of mortgages, loans and insurance. It has over 4000 different product solutions on its panel and as a specialist can source the best deal for customers no matter what their circumstances. Customers can choose how they deal with blackandwhite.co.uk, either over the internet, via the phone or face to face. It has a team of 80 fully qualified field Advisors covering all postcodes in the UK, backed by a head office team of 200 dedicated employees.It prides itself on its ability to deal with all customers, including those looking for the most competitive prime lending rates to customers who have challenging credit circumstances like CCJs, credit arrears, the self employed, or those who have been rejected by their high street bank. This is backed up with service that is second to none, and testament to this is winning What Mortgage's coveted award of 'Best Specialist Mortgage Broker 2006'. It takes every application right through to completion removing every headache, so the customer is left 100% satisfied. blackandwhite.co.uk is one of the UK ’s fastest growing brokers, is directly authorised via the FSA and has a demonstrated track record of award-winning success in a highly competitive market. Visit www.blackandwhite.co.uk CONSUMER CASE STUDY – EXAMPLES
CASE STUDY 2
[1] Datamonitor 2006 |
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