Home & Contents Insurance - A Brief Introduction

Transcription

1 Mortgage Broker Referrals Home & Contents and Mortgage Secure Westpac & BT Financial Group October 2013

2 Our comprehensive range of products are suitable for clients whether they are first-home-buyers or investors Home & Contents Insurance Essential Care basic cover for 12 insured events plus some additional benefits Quality Care higher cover for 14 insured events, additional benefits and higher limits Premier Care Out top level of cover for all insured events and additional benefits, plus the highest limits. Contents cover extends to also cover your contents anywhere in Australia. Personal Valuables Such as jewellery, computer, photographic and sporting equipment Landlords Extras Insurance For rental properties, e.g. loss of rent, malicious acts and theft Mortgage Secure (Life and Living/Trauma Insurance) year olds in the process of applying for a Westpac residential or investment property loan in Australia Minimum annual premium needs to be >$300 (loan >$250k)* No Underwriting or Health Questionnaires *Note: Minimum premiums need to be $300 in order to satisfy CCI rules 1

3 Some of the features and benefits available with Home & Contents Sum insured safety net To help with additional unexpected repair or replacement costs. Across all level of cover and for both building and contents insurance. $20 million Legal Liability cover Monthly payments at no extra cost Accidental breakage of glass included on Quality Care and Premier Care policies 5 star claims service* is fast and efficient, 24 hours, 7 days and has a dedicated phone number to assist the customer when in need Range of premium discounts for combining building and contents, security features fitted, for over 50 s, a higher excess and for claim free years Why BT insurance? Variable excess option where standard excess is $100, but higher excesses mean lower premiums; choice of $250, $500, $1,000, $2,000 or $5,000 excess Accidental loss or damage cover is optional cover that provides protection against accidental loss or damage anywhere in Australia New for old replacement Electrical motor burnout included on Quality Care and Premier Care policies flood cover including storm surge and tsunami Domestic workers compensation included on Quality Care and Premier Care policies (NSW, ACT, WA, TAS) * LMI Claims Comparison has provided WGIL with a 5 & 4.5 star claim service rating for building & contents claims respectively at 26/08/2013 2

4 Some of the features and benefits available with Mortgage Secure Mortgage Secure is Consumer Credit Insurance that covers payments due on a credit contract while the borrower is unable to work due to illness or accident. It may also pay out the contract in the event of death. For home loans, it ensures that the customer doesn t face legal action from the bank or risk of repossession if the customer can no longer meet their repayments due to severe illness (loss/reduced income) or, If, the mortgage holder, or one of the mortgage holders dies, the loan can then be totally or partially paid off to ensure surviving family members don t have to worry about repayments. No Underwriting or Health Questionnaires Affordability - Average premium is $60 per month First 2 months premium is at no cost upon processing of initial application 3

5 No advice what Mortgage Brokers can & cannot do You can: Provide factual information Direct customers to the information in the PDS and other material You cannot: Make any recommendations Give opinions Discuss the suitability of a product to a customer Discuss the suitability of a customer s existing cover Discuss levels of insurance cover required Our research has found that 95% of mortgage brokers are looking for a simple and seamless no-advice referral model for an insurance solution. 4

6 The Premier Relationship Team (PRT) What is the Premier Relationship Team? 3 high performing Insurance Consultants based in Adelaide, South Australia They are responsible for the servicing of Home and Contents referrals from brokers, RAMS, Private Bank and Premium channels Who are the team members? Mark Valana (Contact Centre Manager) Hailey Clark Glenys Forsyth Kerriann Hunt 5

7 These products have great benefits for Mortgage Brokers Adds value to your business by: Providing diversification beyond mortgages Building rapport with your clients Assisting client retention meeting more client needs reduces the probability of defection Additional income good reward for little effort Competitive product and service offering Simplicity it has been automated for you Adds value to your business by: Probability of client defection % Number of financial services held Providing diversification beyond mortgages Building rapport with your clients Assisting client retention meeting more client needs reduces the probability of defection Clients are 5x less likely to switch to another provider after only 1 additional service is held Source: National Customer Convergence in Retail Financial Services (Insurance Study)

8 FAQ 1. What are the PRT s operating hours? The PRT operate between 8am and 6pm (Adelaide time) Monday to Friday. If there are changes to this we will let you know. 2. How will Brokers know what s happening with their referral? Brokers will receive notice from PRT when their client; receives a quote purchases a policy (sale) declines a policy (no sale) was un-contactable after 3 contact attempts New and improved weekly reporting will be rolling out during October How will Brokers be remunerated for insurance sales? $58 commission per Building or Contents Insurance sold via PRT (Residential or Landlords) and $58 commission per Mortgage Secure policy sold. E.g. $116 for a combined Building & Contents policy and $174 including Mortgage Secure. This commission will be paid by BT to the aggregator 60 days in arrears. Payment will be clawed back if the policy is not held for 12 months by the customer. 4. What types of insurance will Brokers earn commission on? Building Insurance* Contents Insurance* Mortgage Secure^ 5. How do we capture your details for commission payments? Please ensure you communicate your Broker Id (Introducer number) in your referral. If you do not, it will be difficult to track your sales back to you. 6. What can I do if my client has not been contacted? Contact the Call Centre Manager Mark Valana for escalation. 7. Where is my commission for my referral? Please send your commissions query to the PRT team by ing to brokergeneralinsurance@btfinancialgroup.com. The PRT will investigate and respond back to your query within 48 hours. *Both Residential and Landlords Insurance. ^Aged between years inclusive and applying for or hold a Westpac Loan for a residential or investment property in Australia. 7