Biba encourages PPI
February 7, 2007 by admin
Filed under News, News-Insurance
Insurance brokers are being encouraged to include payment protection insurance (PPI) with their products.
The British Insurance Brokers’ Association (Biba) is launching a series of new incentives aimed at attracting brokers to selling PPI.
Biba is offering products with enhanced benefits, a more competitive rating structure and improved commissions.
The organisation says that driving PPI will benefit consumers as they will receive better protection on loans, income and mortgages.
The changes include the introduction of partial cover on stress, back-related and pre-existing conditions, as well as the removal of exclusions relating to Aids.
“We can all see that the distribution landscape for PPI is changing as many existing providers continue to be challenged by the regulator and media to improve their sales processes, cover and cost,” said Eric Galbraith from Biba.
“This recent attention has shaken consumer confidence in buying PPI from non-broker channels and the time is right for brokers to seize their market share. We’re providing our members with the right tools to do this.”
Customers taking out any kind of loan should consider PPI, as it offers protection against any unforeseen changes in your personal circumstances.
Biba has promised to give brokers “whatever level of support they require” and has described the new products as “a win, win scenario”.
