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A new home and contents insurance product that provides immediate pre-settlement cover of up to 90 days has been launched to brokers by a leading provider of home loan protection.
ALI Group is offering the insurance to brokers in partnership with QBE Australia, part of the global QBE Insurance Group.
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The new offering enables home owners to purchase home and content cover directly through their broker, at time of purchase. This can cover against loss or damage caused by fire or explosion, lightning or thunderbolt, earthquake or tsunami, malicious acts, riot or civil commotion, theft, storm, rain or flood.
ALI Group has said that brokers would receive an 18 per cent upfront commission and 10 per cent ongoing for all policy renewals under the general insurance offering.
A referral option is also available allowing brokers to give their clients online access to quote and arrange their own home and contents cover.
It is hoped that the pre-settlement cover option will enable brokers to become a “one-stop shop” for Australian property buyers.
Huy Truong, CEO and co-owner of ALI Group, said: “We understand brokers can no longer afford to be a mono-line business and we are delighted to empower them in extending their services and provide a more robust product offering.
“By constantly working to improve and expand our product offering for brokers, we aim to ensure brokers can not only add value to their clients, but make protection more convenient and increase the likelihood of referrals through a trusted broker-buyer relationship.”
Phil White, QBE LMI CEO and QBE Financial Institutions general manager, added: “We are proud to partner with ALI Group to help mortgage brokers provide general insurance products and services to meet their customers’ insurance needs, while at the same time building a valuable and diversified financial services business.
“Mortgage brokers will now be able to give their customers an instant quote, modify the features and benefits of a policy to meet specific needs and create a policy on the spot. We believe this level of service will help brokers build deeper, stronger and longer lasting relationships with their clients.”
[Related: Brokers will be first to receive new home insurance offering]
