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Advantage pre-empts insurance sales clampdown
Advantage is to train members to become Financial Services Authority-appointed representatives in advance of a government review of how agents sell travel insurance.
Economic secretary to The Treasury Ed Balls last week warned that agents’ exemption from FSA rules could be abolished if wide-spread mis-selling of insurance is discovered.
Pre-empting the review, Advantage is introducing a programme that will enable members to become FSA appointed representatives ahead of any possible FSA move to remove the current exemptions.
They will be given access to training, monitoring and support on a tried and tested system, according to the consortium.
Successful completion of the training programme will earn consultants a certificate of accreditation and will provide them with the expertise necessary to supply their customers with the appropriate cover for their needs.
Agents will also be in a position to provide a professional travel insurance service for customers who have made their travel arrangements elsewhere. Current circumstances mean that agents who are presently relying on the exemption can only sell insurance when accompanied by travel, Advantage said.
Advantage managing director John McEwan said: “This has been something that the industry has been working towards for years.
“It makes sense that agents be given the responsibility of providing their customers with the appropriate travel insurance policy for the holiday they have booked. After all, the agent that knows the customer and the detail of their travel arrangements is obviously better placed than anyone else to do this.
“Advantage is in a strong position with this new scheme and is delighted to be able to provide, what is essentially a key service, to members.
“This scheme will not only enable members to provide an overall improved service to their clients, but, members will also see the positive effect that this new service will have on their bottom line.”
Report by Phil Davies
Phil Davies
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