In The News – Brokers missing out on commercial protection

(via Mortgage Introducer)

Brokers are missing out on filling a sizable protection gap in the commercial lending space compared to residential, both anecdotal and statistical evidence suggests.

The NACFB estimated new commercial lending to reach £727m in 2015 compared to £209m for residential as calculated by the Council of Mortgage Lenders.

But despite the size of the market Andy Coles, business director of SME insurer Lutine, reckoned business loan protection isn’t treated the same way as income protection by commercial lenders.

He said “Anecdotally we have seen no rise in the level of business protection sold since 2011 and brokers are largely missing out on this opportunity despite knowing their clients and businesses well.

Read the full article here.

Lutine signs protection deal with Intrinsic Financial Services

Lutine Assurance Services (LAS), the life and protection arm of Ryan Direct Group (RDG), is launching a free accidental death cover through Intrinsic Financial Services, the UK-wide financial adviser network.

According to Andy Coles, Lutine’s new business director, the product, which gives £25K of free annual cover to policyholders who take out critical illness, personal accident and other protection policies, is one of a number of products Lutine are developing with strategic partners to help give network advisers a competitive advantage.

“We were asked by Intrinsic to source a value-add product for new customers. As a Life Managing General Agent we could create the product, source capacity from Maiden Life, and now our plan with Intrinsic is to target 25,000 new policies during the next twelve months.” Mr Coles said sister company RDG would handle claims and fulfillment through its existing GI claims operation.

Andy Walton, head of protection sales for Intrinsic, which was acquired by Old Mutual in 2014, said that distributors were increasingly looking to solutions providers such as Lutine/RDG to differentiate themselves from the competition. “It’s a highly competitive market and we find that customers expect more than the basic policy. We will be promoting this new initiative to our 3,000 strong UK panel of advisers, and we expect to bring further products on stream during the next few months.”

Mr Coles said that RDG, part of Ryan Specialty Group, is firmly focused on developing its niche and specialist strategy in the life and commercial market, as well as through its existing P&C UK distribution arm. “We expect to sign more of these deals during the next few months, as we seek to double the size of Lutine by the end of 2016,” he said.

About Lutine

Lutine Assurance Services is a wholly owned subsidiary of RSG and a fellow Group Company of Direct Group. Lutine acts as a marketing and service company; underwriting, accepting and managing individual, group life and scheme other scheme related risks received via the intermediary market.

Established in 1989, Lutine was created to act as a marketing, administration and service company for a consortium of Life syndicates at Lloyd’s of London.

As a business we provide a wide range of individual and corporate protection based products to some of the largest insurance businesses in the United Kingdom helping to look after the interests of over 30,000 individuals.

Visit: http://www.lutine.com

For more information please contact:

Ben Welsh: Certus Ltd – 07568 382040

MGAA MEMBER LUTINE LOOKS FOR GROWTH IN 2015

MGAA member Lutine Assurance Services, part of RDG, the UK subsidiary of Ryan Specialty Group, is looking to double in size this year following a period of retrenchment in 2014.

According to new business director Andy Coles, the business is now fully integrated into RDG and will take advantage of RDG’s sales, renewals and service capabilities to rebuild the business, which writes individual and group life and protection primarily for SMEs.

“Lutine is very much open for business, and we have ambitious plans to extend our suite of products and build new partnerships with London Market MGAs to support small business owners and their lower-income employees who need fairly-priced cover for personal accident, healthcare and ex-pat working. Under-insurance is a problem in the UK, and we want to help fill that protection gap.”

Mr Coles said that the MGAA was an important forum to debate the protection gap and other issues with a public policy angle, and “Lutine is keen to work with Peter, Jane and the team to build a stronger voice for our industry at market, political and regulatory levels.”

Mr Coles said that Lutine is this month (April) launching a new ‘Lutine Lifestyles’ online employee benefits platform, combining health-specific offers with staff discounts, in partnership with BHSF, the leading not-for-profit healthcare insurance and employee benefits provider. Mr Coles said: “Lifestyles is aimed at our core customer base of SMEs with less than 50 employees, which represents over 90% of our book, and this product is designed to improve the wellbeing of their employees.”

Lutine Lifestyles is just one among a number of new launches planned for 2015, and Mr Coles said Lutine was in discussions with a number of London Market capacity providers to provide support for a broader suite of products.

Mr Coles believes that the SME market is on the threshold of major change, thanks to the next phase of auto-enrolment, where small business owners and their employees can benefit from competitively-priced protection products and other employee benefits with a high perceived value.

He added: “MGAs are thriving because they offer excellent distribution capability, high levels of specialist market and underwriting expertise delivered at low cost. It’s an exciting time to be in this sector.”

-ends-

About Lutine

  • Lutine Assurance Services is a wholly owned subsidiary of RSG and a fellow Group Company of Direct Group. Lutine acts as a marketing and service company; underwriting, accepting and managing individual, group life and scheme other scheme related risks received via the intermediary market.
  • Established in 1989, Lutine was created to act as a marketing, administration and service company for a consortium of Life syndicates at Lloyd’s of London.
  • As a business we provide a wide range of individual and corporate protection based products to some of the largest insurance businesses in the United Kingdom helping to look after the interests of over 30,000 individuals.
  • Visit: http://www.lutine.com

For more information please contact:
Ben Welsh: Certus Ltd – 07568 382040

Lutine links up with Paradigm to deliver simplified life cover to SMEs

Lutine, the niche and specialist life division of Ryan Direct Group, is to launch a simple group life product for SMEs in partnership with Paradigm Protect, the  specialist protection business within Paradigm, the intermediary support services provider.

Andy Coles, business development director at Lutine, said the product is aimed at SME and micro businesses where product requirements for death-in-service cover are often straightforward. “SMEs want to be able to offer their people simple, jargon-free benefits which considerably improve their employee proposition and help retention and recruitment in the new auto-enrolled world.”

Mr Coles said that Paradigm Protect intermediaries would benefit from simplified underwriting processes with enhanced non-medical limits, and use of the Lutine MasterTrust, so ensuring their SME clients can also benefit from scale advantages not previously available to them. “The key is simplicity, Mr Coles said, adding:  “The SME market is on the threshold of major change, thanks to the next phase of auto-enrolment, where small business owners and their employees can access competitively-priced protection products and associated employee benefits .”

The tie-up with Paradigm is one of a number of deals Lutine is seeking with other providers and networks, as it aims to double in size during 2015. In April  it launched an online employee benefit platform Lutine Lifestyles,  in partnership with BHSF (the not-for-profit healthcare insurer) and Mr Coles expects more deals to be signed during the next few months.

Mike Allison, head of protection at Paradigm Group said: “We are delighted to forge this new partnership with Lutine for the users of the paradigm protect proposition. We are continuing to develop our protection model for all directly authorised firms who wish to use us and the addition of group products was a natural extension to what we have done on the individual side.

He added: “We have a significant number of wealth firms who operate within the SME market, specifically within the auto enrolment sector, and this will be a valuable addition to their own propositions to small to medium size firms at the perfect time. Small business owners and their employees need fairly-priced life protection cover. Under-insurance continues to be a problem in the UK, and we want to help fill that protection gap.”

About Lutine

Lutine Assurance Services is a wholly owned subsidiary of RSG and a fellow Group Company of Direct Group. Lutine acts as a marketing and service company; underwriting, accepting and managing individual, group life and scheme other scheme related risks received via the intermediary market.

Established in 1989, Lutine was created to act as a marketing, administration and service company for a consortium of Life syndicates at Lloyd’s of London.

As a business we provide a wide range of individual and corporate protection based products to some of the largest insurance businesses in the United Kingdom helping to look after the interests of over 30,000 individuals.

 

About Paradigm Protect and Paradigm Mortgage Services  

Paradigm Protect is the specialist Protection Arm of Paradigm Mortgage Services providing a wide range of Products and Services to Directly Authorised IFA and Mortgage Firms who operate in the Protection sector

Paradigm Mortgage Services offers IFAs and mortgage intermediaries the same opportunity. Members of the proposition benefit fully from market-leading procuration fees, have access to exclusive and semi-exclusive products, and share in the club’s ownership. Members will also have the added opportunity of building additional value wholly attributable to their own individual businesses.

Paradigm Mortgage Services also offer a dedicated Mortgage Desk to members.

Paradigm Mortgage Services is an associated business of Paradigm Partners LLP, the IFA support firm established by Paul Hogarth.

Paradigm Partners is a limited liability partnership. It offers those firms who sign up the opportunity for them to share in the capital growth of the business via a discretionary trust.

www.paradigmprotect.co.uk

For more information please contact:

Ben Welsh: Certus Ltd – 07568 382040

Lutine launches major new partnership deal with BHSF

Lutine, the niche and specialist life division of Ryan Direct Group, is launching a new ‘Lutine Lifestyles’ online employee benefits platform at the beginning of April in partnership with BHSF, the leading not-for-profit healthcare insurance and employee benefits provider.

According to Lutine new business director Andy Coles, Lifestyles will combine health-specific offers with a wide range of staff discounts, for Lutine scheme members. Mr Coles said: “Lifestyles is aimed at our core customer base of SMEs with less than 50 employees, which represents over 90% of our book, and this product is designed to improve the wellbeing of their employees.”

He explained that Lutine was now fully integrated into Ryan Direct Group following a re-structuring in 2014. “This is a major deal for our newly-integrated business and a big milestone in our strategy to double Lutine’s growth during 2015.” He said the products offered include group life and personal protection for small businesses that want to offer value products to their employees.

Under the partnership, customers taking out cover would also be invited to join ‘Lutine Lifestyles,’ an incentive programme which offers money off vouchers and other coupons to redeem with a number of high street retail brands.

Brian Hall, Managing Director of BHSF Services Ltd, said: “We are delighted to welcome Lutine to our roster of financial services partners and look forward to working with Andy and the team to offer a broader range of life and protection products to our customers.”

Mr Coles said: “The PPI scandal has inadvertently created a big gap in the protection market for small businesses and lower paid workers, leaving individuals short of the protection they need in the event of, for example, an accident at work. Our products appeal to small business owners who want to give something back to their loyal employees and incentivise them to stay with the business.”

He said: “Millions of hard working families on a tight budget who need protection struggle to find products that suit them. It’s a segment of the population we are keen to help, ensuring they don’t have to fall back on the State safety net.”

 

 

About Lutine

Lutine Assurance Services is a wholly owned subsidiary of RSG and a fellow Group Company of Direct Group. Lutine acts as a marketing and service company; underwriting, accepting and managing individual, group life and scheme other scheme related risks received via the intermediary market.

Established in 1989, Lutine was created to act as a marketing, administration and service company for a consortium of Life syndicates at Lloyd’s of London.

As a business we provide a wide range of individual and corporate protection based products to some of the largest insurance businesses in the United Kingdom helping to look after the interests of over 30,000 individuals.

 

Visit: http://www.lutine.com

For more information please contact:

Ben Welsh: Certus Ltd – 07568 382040

 

About BHSF

BHSF is a leading supplier of health insurances, employee benefits and HR support services.  Established in 1873, it is one of the oldest names in healthcare serving over 3,100 client companies and many individual customers. Blue chip client organisations include Mondeléz International, Jaguar Land Rover and Home Retail Group.

The Company covers over 400,000 people under its health and accident insurance policies, serving very many more through EAPs online benefits and other services.  BHSF Occupational Health Limited provides workplace healthcare to businesses throughout the UK. Group turnover is £39m.

For further information contact Peter Maskell, Group Chief Executive of BHSF, by phone on 0121 629 1201, or email petermaskell@bhsf.co.uk; or email Hannah Durham at hannahdurham@bhsf.co.uk.