The latest client win for Alps, here’s the word;
Alps, a leading provider of insurance add-on policies, legal expenses, and claims solutions for intermediaries, has been selected by global specialty insurer Fortegra Europe Insurance Ltd as its distribution for Guaranteed Asset Protection (GAP) insurance. Fortegra is one of only a handful of insurers granted permission to sell GAP insurance under the FCA’s current fair value mandate.
Fortegra selected Alps as its partner based on its excellent market track record and agile technology-driven approach.
Under the agreement, Alps will deliver a market-leading A-rated GAP product, balanced in terms of price and value, with the aim of getting policyholders suffering a total vehicle loss back to their pre-accident financial position as quickly as possible. The product, which is subject to a value-based price-cap, includes several additional value-added features designed to reduce financial vulnerability and promote peace of mind including:
- Guaranteed hire vehicle for up to 30 days
- Up to £1,500 cover for dealer fitted accessories
- £500 motor excess cover for each year of the policy
- Pro-rata cancellation policy refund
- The ability to transfer the policy to a family member
Alps is also offering bespoke product training for all brokers intending to sell this new GAP product to their clients.
Speaking about the launch Julian Tomlinson, owner and Chairman of Alps, commented: “This is exciting news. Since the FCA paused GAP sales in February we’ve been inundated, on an almost daily basis, with calls from brokers asking when this vital protection product will be back.”
He continued, “Fortegra is a leader in the market, highly regarded for its innovative solutions, strict underwriting standards, and outcome driven approach. Likewise, Alps delivers unrivalled experience, relationships, broker support, and importantly a proprietary tech-driven ability to quickly respond to market, underwriter and broker needs. It’s a partnership that will ensure policyholders receive truly high-value cover and consistently good outcomes. GAP is an important product for vehicle owners, and we intend to ensure it stays that way.”
Alps offers a broad suite of add-on covers including sole trader, commercial, landlord and family legal expenses; motor related add-ons including excess protect, tools in transit, vehicle replacement, road rescue; and property related add-ons including landlord excess protect and home emergency, key cover and second property legal expenses. The capacity for its products comes from a growing panel of A rated insurers and it operates a number of delegated authority arrangements, allowing it to offer brokers a fast and efficient service.
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