Scottish Equitable has announced its entry into the individual protection market with the launch of ...
Scottish Equitable has announced its entry into the individual protection market with the launch of three menu-based products offering personal, mortgage and business protection.
The new range, Scottish Equitable Protect, offers benefits such as life assurance, critical illness cover and total and permanent disability cover and allows customers to alter cover over time to meet their changing needs. It is planning to add income protection to the range later this year.
According to Heather Armstrong, marketing manager at Scottish Equitable, the launch of the new range was prompted by recent growth seen in the individual protection market. She said: "We looked at how individual protection has been growing and realised there was room for another competitor in the market. It is an area we are not currently active in and we are keen to be recognised as a well-rounded provider."
Scottish Equitable also plans to specialise in the business protection market and has already put in place a separate specialist sales team to support this sector. The business protection menu is to offer tailored protection for business loans so that cover represents the loan outstanding. It will also offer current costed rates, meaning premiums are reviewed on an annual basis.
Armstrong said that the move to specialise in this area is due to their strong IFA network. She said: "Business protection is a complex area and there is a strong need for face to face advice. Our decision to specialise in this market was therefore biased by the strong relationship we have with IFAs."
The company believes the business protection menu will offer more flexible products due to their experienced underwriting panel. Armstrong said: "We believe our underwriting is second to none and we can provide the most flexible financial underwriting in the market. We plan to be as sympathetic as possible to businesses, especially those which have only been operating for a short time."
A team of nine specialist underwriters will be on hand to answer IFAs' queries through a direct helpline. According to Armstrong, this additional service may help to boost sales for IFAs, as clients' questions can be answered on the spot, providing an efficient and effective response.
She said: "The helpline should prove to be of great assistance to IFAs as they will be able to satisfy queries straight away. This will be particularly useful when finding out whether a client will be accepted or not, to avoid clients being declined."
Scottish Equitable is also planning to help cut down overhead costs for IFAs by offering mortgage protection and personal protection products over the telephone.
Armstrong added: "Our aim is to make it easier for IFAs to write protection business - and this is reflected in the product structure as well as in our marketing materials and comprehensive IFA support services.
"We are confident that the strength of the Scottish Equitable brand name and the technical expertise within the team will prove to be a winning combination."
Scottish Equitable Protect will be available from January 23.
