Always good to see new products being launched. Here’s the latest from Berkeley Alexander;
General insurance provider Berkeley Alexander, in partnership with leading speciality (re)insurer Canopius, has announced the launch of SafeGuard Protect, a new modular policy that provides personal accident, income protection or mortgage or rent protection in the case of an accident, sickness or job loss. The launch brings Berkeley Alexander back to the ASU market for the first time since the Covid-19 pandemic.
SafeGuard Protect offers a choice of three standalone modules – personal accident which pays policyholders a lump sum following a bodily injury; mortgage or rent protection which pays a monthly benefit with four available benefit levels depending on the cost of payments; and income protection with four levels of cover depending on gross monthly income.
Each of these modules have their own schedule and policy wording, but with the ease of insureds being able to access all in one go should they want to with one combined online quote and buy process.
While the front-end process is simple for agents, the product can be tailored to each client’s needs, with five levels of cover available for the personal accident product and up to £2,000 of cover per month across mortgage/rent and income protection. There’s a huge amount of choice and flexibility within the policies, and the quote platform helps the agent and supports compliance by only presenting the cover options available based on the client details.
Geoff Hall, Chairman of Berkeley Alexander, comments: “We are delighted and proud to be returning to the market with a modern, flexible PA & ASU product. We have seen an increasing demand of late from agents seeking protection products that are competitive and compliant and meet the needs of clients today. With a continuing uncertain economic outlook, our protection product is hitting the market just at the right time. SafeGuard Protect will give much needed cover and certainty for many people.”
2.8 million people in the UK are off work long term due to sickness and the estimated number of job vacancies fell again this last quarter according to the ONS, with vacancies decreasing in 10 of the 18 industry sectors tracked by the ONS. The number of registered company insolvencies in February 2024 was 2,102, 17% higher than in the same month in the previous year (1,801 in February 2023). This was higher than levels seen while the Government support measures were in place in response to the coronavirus (COVID-19) pandemic and also higher than pre-pandemic numbers. For individuals, the total number of insolvencies in February 2024 was 10,136, 23% higher than in the same month in the previous year.
“For years following both the PPI scandals of the past and more recently Covid, insurers understandably retreated from ASU, withdrawing from new sales of unemployment cover during Covid, but these protection products are vital. It has been a long time in the making, but with a combination of persistence and hard work, and thanks to our reputation and expertise in the market, we are delighted that Canopius has chosen to partner with Berkeley Alexander to bring these exciting new products to market.”
David Swan, Head of Specialist Consumer Products, Canopius, comments: “We specialise in designing tailor-made products for our partners like BA that create innovative solutions for customers. With our passion for always ensuring people get the right specialist cover and protection they need, combined with BA’s heritage in the intermediary market, it was an ideal partnership. We are confident that Safeguard Protect will prove to be a very popular and valuable offering for intermediaries and their clients.”
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