Ex-British Insurance boss Burgess back to market with mortgage product

clock

British Money is set to launch a new mortgage payment protection product for the UK market.consumers.

The new policy, named Universal Cover, will provide customers with a tax-free monthly benefit if they become unemployed, suffer a disability that prevents them from working, or if they need to give up work to become a carer.

The product can be used to cover mortgage payments, rental payments, council tax and utility bills, among other things. Capacity is provided by Cigna Insurance.

Simon Burgess, director at British Money, sold his payment protection insurance (PPI) specialist firm, British Insurance, to Towergate in 2008.

Burgess said Cigna had granted British Money a five year exclusive contract.

“Cigna haven’t done this before but they think there’s a good opportunity for them,” he said.

“The time is good in the UK mortgage market, things are on the up.”
However, he continued to admit that the scandal around PPI might be a hindrance to the product initially.

“Absolutely people will be nervous and with some justification,” he claimed.

“What was a good product (PPI) was taken and completely subverted and turned into something evil, designed to rip people off.

“The whole industry was dysfunctional and operating to the detriment of consumers.”

Burgess stated: “What [British Money] needs to do with this is ensure that it’s a product that pays claims.

“We have something there that meets the honest expectations of customer.”

He added: “We have a proven track record that we are consumer champions and we can make profits without profiteering.”


More on Individual Protection

Over-50s life insurance undersold due to lack of education

Over-50s life insurance undersold due to lack of education

OneFamily research shows

Jaskeet Briah
clock 26 March 2024 • 1 min read
Covering with a Conscience

Covering with a Conscience

How do advisers effectively cover vulnerable consumers?

Jaskeet Briah
clock 26 March 2024 • 6 min read
LifeSearch adds protection access for car insurance broker

LifeSearch adds protection access for car insurance broker

Tackling the protection gap

Jaskeet Briah
clock 25 March 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read