RSA withdrawing from GI market
RSA Insurance have announced they plan to withdraw from the personal lines market at the end of the year, we’re therefore starting to take steps to manage their smooth withdrawal from our panel of insurers.
RSA will remain part of our panel until the 31st December 2024 and honour all new business applications until that date. Any quotes will need to be submitted prior to 31st December 2024 with a start date of no later than that date. Existing customers with a policy underwritten by RSA that are due for renewal will automatically be rebroked to one of our other panel providers after 31st December 2024. Policies will still renew with RSA up until that date.
Paymentshield’s Adviser Hub will ensure that all non-submitted quotes will expire on the 31st December 2024 and there will be messaging within the platform to ensure advisers are aware. In addition, email communications will be sent to advisers closer to the time to provide a reminder of RSA’s withdrawal. Paymentshield will continue to focus on developing our panel of insurers with a number of new insurers planned to join in the coming months.
Adviser Hub update to property status options
As part of our continuous improvement to simplify our quote and apply journeys, Paymentshield has removed the need to specify if the property is being purchased under shared ownership.
When quoting for a shared ownership property you will no longer need to select ‘Shared Ownership’ under Property Status, instead, you can simply select ‘Homeowner – mortgaged’. This adjustment will improve the quotability for our customer and ensure they have the correct cover in place.
If you’d like more information on any of these changes, please contact your Paymentshield Business Development Manager or get in touch online https://www.paymentshield.co.uk/advisers/contact-us