Fish Insurance makes moves to simplify its way of working with mobility retailers
Fish Insurance has developed a multi-channel sales process to enable mobility retailers to refer their customers for insurance, without the need to comply with the longer list of requirements that they must otherwise need to undertake.
Retailers wanting to take advantage of the new simplified sales process can now become an Introducer Appointed Representative (IAR).
A spokesperson for Fish said that it wanted to give its mobility retail partners access to insurance for its customers, whilst minimising the time retailers spend administering the policies.
It says that the new sales process replaces the Appointed Representative (AR) model that’s in place across many businesses in the industry and removes the need for mobility retailers to comply with the additional requirements they must adhere to if they remain an AR.
Since the introduction of the Insurance Distribution Directive (IDD) in 2018, the roles and responsibilities for ARs working with insurers have grown substantially, according to Fish.
For a mobility retailer to maintain a compliant partnership with an insurance company, ARs are required to fulfil a number of obligations.
These include completing 15 hours CPD learning for all members of staff involved with the sale of insurance; completing tests and providing training to any new starters prior to their involvement in any insurance activities; submitting annual fit and proper checks; complying with FCA regulations; completing annual audits and disclosing remuneration to customers.
Should a mobility retailer working as an AR fail to comply with any of the above measures then the FCA has the power to conduct a full audit and ultimately remove the firm’s authorisation to trade insurance.
In April, Fish Insurance launched a brand-new website, featuring a sales journey that allows tracking of partner sales, as well as data capture forms for the websites of its IAR partners.
According to Fish, both online and telephone sales can be completed in-store in a few minutes. A dedicated priority telephone line has been set up so that customers referred from IARs are not waiting on the phone.
Upon signing up to be an IAR of Fish, retailers will receive banners and in-store collateral to promote the policies; leaflet holders and leaflets; and website scripting and data capture forms to embed within a website.
IAR retailers will also be added to the Fish Approved Repairer Network, which is Fish’s first port of call when any one of its customers requires repairs or new machines.
Retailers wanting to find out more about the IAR programme are invited to contact John Traynor, Head of Business Partnerships at Fish Insurance or call 07867467775.
https://thiis.co.uk/fish-insurance-makes-moves-to-simplify-its-way-of-working-with-mobility-retailers/https://i2.wp.com/thiis.co.uk/wp-content/uploads/2020/04/business-insurance-COVID-19.jpg?fit=900%2C530&ssl=1https://i2.wp.com/thiis.co.uk/wp-content/uploads/2020/04/business-insurance-COVID-19.jpg?resize=150%2C150&ssl=1NewsroomRetailer NewsTrade NewsFish Insurance,Mobility,partnership,repairs,retailersFish Insurance has developed a multi-channel sales process to enable mobility retailers to refer their customers for insurance, without the need to comply with the longer list of requirements that they must otherwise need to undertake. Retailers wanting to take advantage of the new simplified sales process can now become...Liane McIvorLiane McIvorliane@thiis.co.ukAdministratorTHIIS Magazine