Wealth Today said its decision to partner with St Andrews on a new broker insurance package came down to its bespoke approach.
Yesterday, the company announced it would offer the ‘Protect My Home Loan’ insurance package to brokers, to sell to their clients.
St Andrews was chosen to provide the package over its larger competitors.
“It was a case of investigating options that were available, and [we] found that they build a product specifically aimed at the broker market with very easy-to-use online facilities,” Wealth Today CEO Michael Stephens told Australian Broker Online.
“Looking at it from a broker’s perspective, a product specifically designed for that application as opposed to something which has been possibly put together as mutated version of something else [is better].”
Brokers are required to obtain a Tier 2 Authorisation followed by three hours of training before they can offer the product.
He said the easy-to-use approach would benefit brokers who were nervous of entering the insurance sphere.
“Clearly a whole lot of guys find it extremely challenging or extremely daunting to go into the risk space…and from a moral perspective we feel that we should be giving those guys the tools with which to at least cover off the bare minimum."