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Aggregation group FAST has added a mortgage protection insurance provider to its panel.
Australian Life Insurance (ALI) – a provider of mortgage protection insurance – was yesterday unveiled as the newest addition to FAST’s product panel.
The move comes at a time when shrinking lender commissions and lower volumes have prompted brokers to diversify their product offering.
ALI CEO Tasso Papachatgis said brokers have started to change their approach to clients in terms of the services they now look to provide.
“The addition of ALI to the FAST panel will give brokers access to a straightforward mortgage production insurance solution for their clients. Our product does not have any advice requirements and can easily be written as part of the natural mortgage process,” said Mr Papachatgis.
FAST chief executive officer Steve Kane said while the aggregator had made a number of insurance offerings available to their brokers, the ALI proposition was an easy one for brokers to understand and integrate into their businesses.
“ALI’s mortgage protection insurance offering can cover what is most possibly a client’s largest purchase. Not only does it offer a client peace of mind, it dovetails with the mortgage process,” Mr Kane said.
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