Openwork launches GI panel proposition

Financial advisory network Openwork has signed a long term contractual agreement with Paymentshield for general insurance.

The deal, which follows a formal tendering process conducted in the second half of 2012, will see all Openwork advisers using Paymentshield’s new panel proposition. This will replace the existing insurer panel currently managed directly by Openwork.

As part of the new agreement, Openwork advisers will have access to Paymentshield’s web-based quote and apply system, enabling them to transact business quickly and efficiently, Openwork said. The new relationship will go live in February.

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Paul Shearman, mortgage, protection and GI proposition director at Openwork, said: “We have been working closely with Paymentshield for many years and they have been instrumental in helping Openwork build one of the largest general insurance books in the market.

“Paymentshield’s new panel-based proposition will provide our advisers with a competitive solution, supported by many of the UK’s largest insurers and underpinned by an efficient and intuitive online application system.

“Transacting business in this way will, we believe, boost advisers’ productivity, which will be critical at a time when advisers need to optimise the income streams available to them, and to do so safely and efficiently.”