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Press Release 25 April 2006 Assurant Solutions launches The Matrix Mortgage Payment Protection Insurance Reinvented Assurant Solutions today unveiled an innovative mortgage payment protection product that it says answers many of the criticisms levelled at payment protection products over recent months. The new product – called The Matrix – will enable lenders and brokers to help consumers exposed to the risk of rising repossessions and increasing levels of debt by creating tailored cover that for the first time meets their individual needs and budgets.
Assurant Solutions says that the Matrix provides intermediaries and lenders access to over 250,000 possible policy combinations, and provides a level of flexibility and affordability not available through any other provider. The Matrix is accessed via a simple to use, white-labelled software application called Assurant Intermediary, which calculates the right cover according to individual customer profiles and ensures a compliant sales process.
Assurant Solutions is a specialist in creating insurance products that protect UK consumers’ most valuable assets – their income, health, home and possessions.
Ian Moffatt, Sales and Marketing Director at Assurant Solutions, explains: “We believe that The Matrix and Assurant Intermediary meet the concerns of the FSA and consumer watchdogs head on. This product takes the flexibility and compliance of mortgage payment protection products to another level. Assurant Intermediary provides a software platform that accesses the ultimate range of policy options that lie within the Matrix, and allows intermediaries and lenders to sell customers a tailored, flexible, affordable and appropriate product.
“This new approach and level of flexibility offers over 250,000 policy combinations. For the first time, mortgage payment protection can be designed to suit the individual needs and budget, rather than forcing an individual to accept a ‘one-size-fits-all’ policy.”
Assurant Solutions began work on the development of the Matrix and its front end software platform, Assurant Intermediary, in 2004, recognising the need for reform long before the FSA, the CAB and the OFT called for change in the industry. The Matrix products are already being accessed and sold through blackandwhite.co.uk.
Thomas Reeh, CEO at blackandwhite.co.uk, comments: “We are delighted to be at the forefront of change with regard to the development of market leading payment protection products. Assurant Solutions has without doubt brought to the UK mortgage market a product that is desperately needed and will be very difficult to fault. This development introduces a product that is without a competitor in the UK market today in terms of its flexibility and innovative matrix pricing model, and importantly a product that we believe is beyond reproach in terms of FSA, TCF and OFT requirements.
“The reception from our national team of Mortgage Advisers has been excellent as they can tailor a PPI solution which fits the customer’s individual needs perfectly. The matrix pricing system is easy to use and it’s very transparent for our clients. Market perceptions about PPI need to be changed dramatically and Assurant Solutions has delivered the goods. It’s certainly time for the numerous PPI doomsayers to have a very close look at this product and reevaluate their position.”
Moffatt concludes: “We are proud to unveil this completely new approach to MPPI and believe we have created a blue print for the future of our industry. Our vision was to create a simple and compliant sales process which would provide customers with the best protection available and increase sales volumes for the benefit of both the industry and UK consumers’ financial security. This is the first stage in a development programme to build an insurance platform that adapts to changes in the market place and maximises the exciting potential of the Matrix. We’re already embarking on stage two and three, so expect some further innovations in the coming months.” For further information please contact Sarah-Jayne Douglas or Lesley
Russell at Spotlight Communications on 01252 352399 or at lesley@spotlightcomms.co.uk. Note to Editors:About Assurant SolutionsAssurant Solutions is part of Assurant, a premier provider of specialised insurance products and related services in North America and selected other markets. Assurant is traded on the New York Stock Exchange under the symbol AIZ and has approximately $US20 billion in assets and $US7 billion in annual revenue. Assurant Solutions companies develop, underwrite and market niche insurance, extended service contracts and other risk management solutions in collaborative relationships with leading financial institutions, retailers, and automobile dealers, utilities and other entities. Principal lines of business include debt protection administration, credit insurance, warranties and extended service contracts on appliances, consumer electronics, automobiles, recreational vehicles and boats. They serve clients and their customers throughout North America, the Caribbean and selected countries in South America and Europe, including the United Kingdom and Denmark. Visit www.assurantsolutions.co.uk About blackandwhite.co.ukblackandwhite.co.uk is one of the UK’s leading financial services brokers of mortgages, loans and insurance. It has over 4000 different product solutions on its panel and as a specialist can source the best deal for customers no matter what their circumstances. Customers can choose how they deal with blackandwhite.co.uk, either over the internet, via the phone or face to face. It has a team of 80 fully qualified field Advisors covering all postcodes in the UK, backed by a head office team of 200 dedicated employees. It prides itself on its ability to deal with all customers, including those looking for the most competitive prime lending rates to customers who have challenging credit circumstances like CCJs, credit arrears, the self employed, or those who have been rejected by their high street bank. This is backed up with service that is second to none, and testament to this is winning What Mortgage's coveted award of 'Best Specialist Mortgage Broker 2006'. It takes every application right through to completion removing every headache, so the customer is left 100% satisfied. blackandwhite.co.uk is one of the UK’s fastest growing brokers, is directly authorised via the FSA and has a demonstrated track record of award-winning success in a highly competitive market. Visit www.blackandwhite.co.uk CONSUMER CASE STUDY – EXAMPLES
CASE STUDY 2
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