Financial and Legal, the specialist LEI insurer headed by MD Karen Beales, has launched a new excess protect product range distributed via brokers, covering excess losses on home, motor and bike as well as a combination product.
Beales revealed that brokers can sell excess cover either as a stand-alone add on to a primary home or motor policy, or it can be tailored to protect customers across a range of excesses, including travel, motor, bike and home.
She said: “The excess can differ by policy and insurer so we have developed our proposition to ensure brokers have greater flexibility to select a product to suit the customer needs.”
Beales, who joined FLI as MD in February 2020, said her team’s focus on creating a new excess proposition was a response to the “lack of innovation” in this sector of the ancillaries market.
She added: “The market is in stasis and struggling to attract new capacity, so we have a great opportunity, using our own capacity, to re-energise the sector with more innovation.
“We are also able to enable delegated authority for policy issue and claims, or we can handle claims ourselves, so our broking partners have a number of options to choose from.”
The new product has been tested with Commercial and General for the past few months and according to Charles Coburn, business development director at C&G, it has been a “valuable addition” to its overall customer proposition.
Beales concluded that she “looked forward to ancillaries becoming a significant new area of growth” for FLI as it builds a diversification strategy out from the core LEI offer.