Protection network Personal Touch Insurance has launched a new service for IFAs and general insuranc...
Protection network Personal Touch Insurance has launched a new service for IFAs and general insurance brokers who wish to retire or semi-retire from the industry. By transferring their business renewals to The Life Insurance Supermarket, which is part of the Personal Touch business, IFAs can maintain an income from a proportion of their renewal commissions, paid by the network.
Martin Wilson, Personal Touch's chief executive, said: 'We are working towards creating a brighter future for our agents and their dependants. We are committed to providing our agents with a real asset for their future retirement, by offering them a fair deal for the hard work they have put into their business over the years.'
The network will contract to pay 75% of renewal commission, for business completed prior to transfer to Personal Touch, 57% of the initial commission generated from new transactions introduced to the company and 57% of renewal commission for business completed after transfer to Personal Touch. The company will also pay the beneficiary of an IFA's estate a one-off lump sum at market rate to purchase the annual renewal commission at the time of death.
John Nuttall, IFA department marketing executive, said: 'This is a unique deal in the industry. We have set up a software system to track applications and are looking to take on more staff. The scheme offers a lot of potential, and we are anticipating it will be very successful.'
Personal Touch, based in the West Midlands, has four distinct marketing brands. It currently has around 8,500 agents, has a turnover in excess of £10m, and is the largest provider of non-investment protection products in the UK.
