As part of the partnership, Zurich is now the new underwriter of ALI Group's insurance product My Protection Plan. The ALI team has already trained nearly 3,000 brokers on the enhanced Zurich underwritten My Protection Plan and received positive feedback.
ALI Group chief executive officer Huy Truong said the partnership builds on the Group's leadership position by improving product and brand value for its broker partners and their clients.
“Zurich worked closely with our team to improve a number of key areas of our product proposition, including having more serious illnesses covered and removing some key exclusions. In short, the changes will enable our clients to be better protected,” said Truong. “Of course, Zurich's brand will also help reassure broker partners and their clients that a global industry leader sits behind ALI's products.”
ALI Group has also introduced a new Specified Injury Benefit, allowing policyholders to make multiple claims for different injuries without losing income or waiting periods.
“ALI has enabled our broker partners to protect over 200,000 clients,” Truong said. “These enhancements with Zurich will go a long way towards protecting more than 300,000 people.”
Zurich chief distribution officer Kieran Forde highlighted the “strong correlation between the need for financial protection and taking out a mortgage.”
“Given ALI's strong share of the market, its partnership approach in working with brokers, and most importantly its care for customers, an alliance between Zurich and ALI made perfect sense on both a commercial and a values basis,” Forde continued.
“We respect Huy and the ALI team's strong sense of purpose, its customer focus, and capability. We have enjoyed applying our specialist expertise to the ALI proposition to improve My Protection Plan for the benefit of brokers and their clients. We look forward to a long-term relationship with ALI and to support the broking channel as it continues its journey from lending to incorporating other value add products and services.”
ALI Group will celebrate the new partnership by launching an education campaign for its authorised brokers in July called ‘A to Z of Client Protection’. It will provide guidance on how to have an effective risk discussion as part of the loan process and the impact of the My Protection Plan on clients.
