Lutine Assurance Services (LAS), the life and protection arm of Ryan Direct Group (RDG), is launching a free accidental death cover through Intrinsic Financial Services, the UK-wide financial adviser network.
According to Andy Coles, Lutine’s new business director, the product, which gives £25K of free annual cover to policyholders who take out critical illness, personal accident and other protection policies, is one of a number of products Lutine are developing with strategic partners to help give network advisers a competitive advantage.
“We were asked by Intrinsic to source a value-add product for new customers. As a Life Managing General Agent we could create the product, source capacity from Maiden Life, and now our plan with Intrinsic is to target 25,000 new policies during the next twelve months.” Mr Coles said sister company RDG would handle claims and fulfillment through its existing GI claims operation.
Andy Walton, head of protection sales for Intrinsic, which was acquired by Old Mutual in 2014, said that distributors were increasingly looking to solutions providers such as Lutine/RDG to differentiate themselves from the competition. “It’s a highly competitive market and we find that customers expect more than the basic policy. We will be promoting this new initiative to our 3,000 strong UK panel of advisers, and we expect to bring further products on stream during the next few months.”
Mr Coles said that RDG, part of Ryan Specialty Group, is firmly focused on developing its niche and specialist strategy in the life and commercial market, as well as through its existing P&C UK distribution arm. “We expect to sign more of these deals during the next few months, as we seek to double the size of Lutine by the end of 2016,” he said.
Lutine Assurance Services is a wholly owned subsidiary of RSG and a fellow Group Company of Direct Group. Lutine acts as a marketing and service company; underwriting, accepting and managing individual, group life and scheme other scheme related risks received via the intermediary market.
Established in 1989, Lutine was created to act as a marketing, administration and service company for a consortium of Life syndicates at Lloyd’s of London.
As a business we provide a wide range of individual and corporate protection based products to some of the largest insurance businesses in the United Kingdom helping to look after the interests of over 30,000 individuals.
For more information please contact:
Ben Welsh: Certus Ltd – 07568 382040