General insurance provider Berkeley Alexander, in collaboration with speciality re/insurer Canopius, has introduced SafeGuard Protect, a modular insurance policy designed to offer personal accident, income protection, or mortgage/rent protection in the event of accident, illness, or job loss.
The product launch comes amid challenging economic conditions in the UK. According to the Office for National Statistics (ONS), 2.8 million people are currently off work long-term due to sickness, and job vacancies have fallen for the third consecutive quarter, with reductions in 10 of the 18 sectors tracked by the ONS.
Additionally, registered company insolvencies in February 2024 reached 2,102, a 17% increase compared to the same month in 2023. Individual insolvencies also saw a rise, with 10,136 recorded, up 23% year-on-year.
According to the firm, SafeGuard Protect is structured around three standalone modules. The personal accident module provides policyholders with a lump sum in the event of bodily injury, while the mortgage or rent protection module offers a monthly benefit across four levels, based on the insured’s payment obligations.
The income protection module also provides four levels of cover, depending on the policyholder’s gross monthly income.
Each module is accompanied by its own schedule and policy wording, although customers can access all three through a single online quote and purchase process. This system simplifies the buying experience while allowing agents to tailor coverage to each client’s needs.
The product offers five levels of cover for personal accident, and up to £2,000 per month for mortgage/rent and income protection. The quote platform is designed to aid compliance by only displaying options that match the client’s specific details.
Geoff Hall (pictured above), chairman of Berkeley Alexander, noted the increasing demand for protection products that are competitive, compliant, and adaptable to current market needs.
“With a continuing uncertain economic outlook, our protection product is hitting the market just at the right time. SafeGuard Protect will give much needed cover and certainty for many people,” Hall said.
Hall added that the demand for accident, sickness, and unemployment (ASU) protection products is on the rise after many insurers withdrew from unemployment cover during the COVID-19 pandemic. Despite this retreat, Hall said that these products remain essential, and the collaboration with Canopius aims to address this gap in the market.
David Swan, head of specialist consumer products at Canopius, highlighted the partnership’s focus on delivering tailored insurance solutions.
“With our passion for always ensuring people get the right specialist cover and protection they need, combined with Berkeley Alexander’s heritage in the intermediary market, it was an ideal partnership. We are confident that Safeguard Protect will prove to be a very popular and valuable offering for intermediaries and their clients,” Swan said.
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