White-label accident products offered direct
Allianz Cornhill is in talks with brokers about selling white-labelled accidental death and personal accident products on their behalf.The insurer started selling accidental death schemes through Cornhill Direct into the broker market in February. A personal accident scheme for both the direct and white-labelled broker channels is in development.Allianz Cornhill general manager Ruediger Schaefer said: "I see brokers as more and more developing a direct approach to market. But there are lots of areas where brokers are just not exploiting their databases."Under the Allianz Cornhill scheme a broker would give the insurer permission to use its brand and database to market certain products. Commission levels would depend on how much work the two parties put into the project.Schaefer said: "We are already in discussions with a number of brokers to get feedback on the idea and its design. We have to make it attractive for the broker. And we will make it very clear that a broker's customers remain their customers."
Few brokers authorisedOnly 33% of brokers have applied to the FSA for authorisation, according to a survey by Allianz Cornhill.The insurer polled 2,500 non-network brokers, to find out what their intentions were concerning regulation. Over 90% replied. The survey discovered that, as of last week, 33% had already applied, 46% said they were going to apply and 6% were not going to apply. Allianz Cornhill general manager Ruediger Schaefer said: "We will keep in close contact with those who do intend to apply but we will cease trading with those who don't."
