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Allied Kiwi says insurance sales up 50%

Allied Kiwi says it has shown that mortgage brokers can sell insurance successfully. It has seen a 50% increase in insurance sales since it entered a joint venture with Mortgage Shield two months ago.

Tuesday, November 17th 2009, 9:39PM 4 Comments

by Jenha White

Allied Kiwi chief executive Brian Greer says the Mortgage Shield system ensures that all its mortgage advisers have a set compliance system and procedure to follow which results in the client ending up with the appropriate cover.

"Nobody wants a mortgage or insurance, but there's a chain of events that lead to it. As people get a mortgage their risk profile changes dramatically and these risks need to be suitably assessed.

"Who better to take care of that need than the mortgage broker?" he says.

General manager of Mortgage Shield Brendon Smith says mortgage brokers are well positioned to sell risk.

"They realise that it's one thing to put their clients in debt so they can get their dream home, but they also have a duty of care to make sure their clients understand they also need protection."

Greer believes that the success Allied Kiwi has had so far is only the tip of the iceberg and Mortgage Shield clearly provides a solution mortgage brokers have needed.

Mortgage Shield quotes and compares six insurers side by side at a time comparing plans and costs after asking a few questions. It can also access full and up-to-date policy information and fine print.

Allied Kiwi entered into a joint venture with Mortgage Shield in July, however cases only started being submitted in September.

Greer says the hardest part of dealing with insurance is getting the supplier to approve the application, as it can be a longwinded and time consuming process.

He says more than half of all submissions come back with a range of questions and documents needed from the client.

Smith says Mortgage Shield has worked on this issue and it has a team of experts to "make sure each application is assessed quickly and accurately.

He says Mortgage Shield also negotiates with the insurer on behalf of the mortgage broker's client to ensure the client receives the best possible terms.

However mortgage brokers can decide whether they handle the underwriting process themselves or whether Mortgage Shield handles it.

 

Jenha is a TPL staff reporter. jenha@tarawera.co.nz

« Inquiry claims banks didn't pass on OCR cutsASB posts $124m Sept qtr loss but underlying profitability rises »

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Comments from our readers

On 18 November 2009 at 9:10 am Murray said:
I totally agree
I have been selling insurance products to my clients for over 9 years and have just started doing this through Mortgage shield.
My clients love it because they are getting the comparisons of all my providers all on the one page so can very easily compare the pros and cons of each provider all at once and in real time.
This is how all brokers should be selling to their clients as it shows immediate transparency of insurance product premiums vs benefits.

On 18 November 2009 at 12:29 pm Niel said:
I wonder what the average premium is and if Brian Greer's definition of success is the same as that of an exerienced, professional insurance adviser!
On 18 November 2009 at 2:49 pm Conor at Mortgage Shield said:
As part of the Mortgage Shield team, I can help with the above question. So far, the average API of a case written through Mortgage Shield is $2,048. Typical packages include a good range of benefits.
On 19 November 2009 at 9:54 am Mike Wong said:
I have been selling insurance for many years and since I started using Mortgage Shield I find it so convenient and easy to use. After doing Needs Analysis with client I email quotes to them and I make telephone appointment and close the sale, this saves me time and money. Recommend it.
Commenting is closed

 

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼7.29 ▼6.85 ▼6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.95 7.65 7.45
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 23 February 2024 11:59am

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