Product of the Month - Insurance Age

Provisional Marmalade is an insurance policy in the name of a learner driver to cover them while driving a family or nominated car under supervision.

 

It is an alternative for parents who have traditionally added their children to their existing insurance policy at an annual cost often in excess of £2,000, as well as a solution to those whose insurance companies have refused to add drivers under the age of 21.

 

Key benefits

Broker able to view sales activity online

Stand-alone policy in the name of the learner driver - has no effect on the owner's no claims bonus in the event of a claim

Monthly premiums

Policies can be renewed at any time after the initial period of cover

Quote in three seconds

Instant cover online

Simple application

Link from brokers' website available

 

Comments

 

Mark Etheridge, technical broking manager at MCE Insurance, comments: "Excellent, innovative insurance solution that provides capacity and a solution for provisional drivers and brokers in what will be a difficult underwriting year.

 

The monthly premiums are manageable, while the short period contracts and a simple renewal procedure is appealing to both provisional drivers and parents, particularly as comprehensive cover is standard with a low excess.

 

At policy inception, Provisional Marmalade has clearly understood the customer journey well, with clear documents and statement of fact proposal forms.

 

Policies are underwritten by Chaucer Insurance and use the full Chaucer policy wording. By having Chaucer involved, referral brokers can be sure they are recommending quality insurance and can be confident Treating Customers Fairly guidelines are adhered to.

 

If brokers use Provisional Marmalade as a web affiliate scheme, the set-up and operation is straight forward - in this scenario the commission works well. The product will really come into its own if the broker has regular sales communication with target customers, whether that is the parent or the provisional driver.

 

Broker set-up costs are minimal and as Provisional Marmalade can make websites and clients work harder by producing additional income, the product is a serious option for the switched on broker.

 

Overall rating: *****