Insurers launch immediate pre-settlement cover

by Miklos Bolza19 Oct 2016
ALI Group, in partnership with QBE Australia, has launched a new home and contents insurance product that offers immediate pre-settlement cover for up to 90 days.
“We understand brokers can no longer afford to be a mono-line business and we are delighted to empower them in extending their services and provide a more robust product offering,” said Huy Truong, CEO and co-owner of ALI Group.
“By constantly working to improve and expand our product offering for brokers, we aim to ensure brokers can not only add value to their clients, but make protection more convenient and increase the likelihood of referrals through a trusted broker-buyer relationship.”
ALI and QBE have worked closely together to develop a home and contents solution that integrates easily with a broker’s business and loan process, Truong told Australian Broker. QBE provides their underwriting services while ALI offers their broker channel and additional support.
“ALI Group’s business is about providing a turnkey solution to brokers who want to protect their clients. This solution includes customised products, a technology platform that integrates with broker CRMs, marketing support, training support and reporting,” Truong said.
Phil White, QBE LMI CEO and QBE Financial Institutions general manager, said that this partnership would let mortgage brokers offer insurance products that meet customer needs while building a diversified financial services business.
“Mortgage brokers will now be able to give their customers an instant quote, modify the features and benefits of a policy to meet specific needs and create a policy on the spot. We believe this level of service will help brokers build deeper, stronger and longer lasting relationships with their clients,” he said.
A referral option is also on offer so brokers can provide clients with online access to quote and arrange tailored home and contents cover. This includes protecting against loss or damaged caused by select natural disasters, malicious acts, civil commotions, and more.
In offering these products, brokers will benefit from ALI Group’s commission model which is 18% upfront and 10% ongoing for all policy renewals.
“If a typical policy is $1,000 for home and contents, and continues for 5 years, a broker will earn $580 for writing that policy. Brokers can also participate in the ALI rewards program which has been a real highlight for over 3,000 ALI brokers,” Truong told Australian Broker.