in association with
Home&Legacy e-trading forHNWbrokers H
ome & Legacy is launching its home
product portfolio to a new e- trading platform for Acturis users, giving brokers access to its high net worth product range without the need to re-key data. Claimed to be the first application of its kind in the high net worth market, this approach removes the need for brokers to re-submit any details; it provides a “two- click” process giving instant access to H&L quotes.
Mark Wooldridge, sales and marketing director at Home & Legacy, comments, “We identified a strong requirement in the market for the ability to e- trade and transfer information on high net worth products, whilst ensuring access, where necessary, to experienced and professional underwriting.
“Our new platform strengthens our
commitment to supporting
winton is to become affiliated to the Insurance Fraud Bureau, as the first broker to take advantage of the new IFB Broker Model, launched in September, which enables brokers to work closely with the IFB on fraud prevention. Jon Howells, head of credit and fraud at Swinton, says that the company believes passionately that genuine customers should not be penalised by fraudulent activity. “To that end, Swinton have dedicated considerable resource specifically to counter the threat to the group and our panel members. We are looking forward to working closely with the IFB in order to reduce insurer risk and disrupt potential fraudsters as much as possible.”
Swinton joins Fraud Bureau S
The IFB Broker Model is aimed at larger retail brokers with dedicated counter-fraud resources. The bureau says that, in 2012, it will also be exploring with BIBA how it could potentially cater for the wider broking market.
rit Insurance has opened a new office in Richmond, Virginia, to underwrite First Dollar package business for the public entity sector. The new team forms part of Brit Insurance Services USA Inc, the company’s wholly owned service company based in Chicago.
Brit Insurance expands inUS B
Subject to Lloyd’s approval, the Richmond office will underwrite on behalf of Brit Syndicate 2987 at Lloyd’s and will be headed by Sharon Wright, who moves, with 30 years’ experience, to Brit from HCC, where she was senior vice president of public risk Eastern Division.
new and existing brokers by making it much more straightforward and quicker for them to trade with us in a competitive market.” He adds, “This year, Home & Legacy has already seen tremendous growth in both sales and quote activity. Acturis is the perfect platform to continue this trend in 2012 and beyond, as we reinforce ourselves as a major player in the HNW market.”
David McDonald, chief executive officer at Acturis, comments, “This is a significant technological development within the HNW sector and will give Home & Legacy a real competitive advantage. This partnership provides our users with fully
integrated access to Home & Legacy’s market-leading HNW household products and we are confident that they will be a valuable addition to our platform.”
BIBA welcomes FSCSfunding review
IBA has welcomed the FSA announcement that it is to restart its funding review of the Financial Services Compensation Scheme (FSCS). Eric Galbraith, BIBA CEO, sees the current FSCS funding model as inherently unfair to association members, who are being penalised for the mistakes of the credit sector, insurers and the regulator. He adds, “This funding review gives the FSA the chance to reconsider our two principal concerns with the current funding model. “Firstly, we want separation in the insurance intermediary sub-class for the professional insurance brokers, and are in discussions with our lawyers and consultants on how this might best be achieved. “Secondly, we want an end to cross-subsidies. The UK is the only state in the EU where insurance intermediaries are exposed to potential losses elsewhere in the financial services sector, putting our members at a commercial disadvantage compared to their European peers. BIBA will engage positively in the consultation process to ensure a more equitable funding mechanism.”
B NOVEMBER 2011 insurancepeople 29
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