The British Insurance Brokers Association (BIBA) has launched a referral partnership with LifeSearch offering the trade body’s general insurance members access to personal and business protection cover for their clients.
BIBA said the scheme would not prevent any other referral arrangements advisers already had in place or made and it did not reveal the fee brokers would receive from passing customers to LifeSearch.
The scheme enables brokers, on an introducer basis, to provide protection cover including mortgage, family, income and critical illness, along with key person, shareholder, business loan, relevant life protection, group life, group critical illness and executive income protection.
BIBA members’ will be supported by LifeSearch through an advice helpline, education on the protection market, retention and early warning cancellation systems, and a review service to ensure customer plans keep pace with lifestyle.
Their customers will also be advised and supported throughout the process by a specialist team.
The collaboration follows work between BIBA and the protection market aimed at improving access to specialist protection insurance through an industry signposting agreement earlier this year.
Mike Hallam, head of technical services at BIBA, (pictured) said: “This is a step in a new direction for BIBA schemes bringing the protection market to BIBA’s general insurance members.
“It’s an opportunity for BIBA brokers to support their clients with expertise and access specialist products from a complex sector of the market.”
Tom Price, chief partnerships officer at LifeSearch, added: “This is a great solution for any BIBA member who is looking to grow their business but doesn’t have time to learn about protection insurance.
“Historically, many brokers may have asked customers to look elsewhere for protection but now there is a simple, tried and tested process to allow those firms to grow their revenue while also protecting their customer.”