News

3XD are pleased to confirm that they have agreed new commission terms with Brit Insurance allowing them to increase the level of commission paid on mortgage payment protection policies.

The new level of commission is 30% of the monthly premium (excluding IPT).  This creates a flat commission level for both household and payment protection business.

In addition, 3XD will backdate the commission adjustment on all policies submitted to date, paying additional commission to their intermediaries as appropriate.

All commission payments are subject to 3XD's legally binding commission guarantee ensuring that commission is paid for the life of the policy, even if the intermediary retires or leaves the industry.

3XD are pleased to confirm that the project to add Heritage and AXA as further household providers is now complete with the quotation engine for AXA being launched today.

Application for AXA products will be accepted with a start date on or after 1st July 2008.

All of the insurers on the new panel provide cover under the same terms, which allows intermediaries to select the best price for their customer, without affecting the levels of cover.

Following on from the successful launch of our buildings and contents scheme for homeowners, 3XD have introduced a flexible household insurance for private landlords.

This product is exclusively underwritten by Groupama Insurance Company Limited, one of the three panel members who underwrite the homeowner scheme.  The new landlords product will be available on the quotation system from the 9th June 2008.

The landlord policy features commission to the intermediary of 30% of the paid premium (excluding IPT) with no admin fees that reduce the level of commission paid.  Commission is subject to 3XD's legally binding commission guarantee ensuring intermediaries will receive their full entitlement to commission for the life of the policy.

Commenting; David Fulluck, Managing Director says "We are delighted that we have been able to strengthen our existing arrangements with Groupama by introducing this valuable product to the intermediary market.  This product is ideally suited to buy to let landlords and, of course, offers the long term security we guarantee our intermediaries."

Further details of the new product are available here. 

3xd has introduced new electronic reporting designed to assist intermediaries both with new business administration and tracking key events for existing customers.

This includes:

- confirmation of new payment protection business;

- confirmation of new household business, automatically including a formal confirmation of cover that can be forwarded to the lender, solicitor or other interested party;

- early notification of any missed premiums, allowing intermediaries to recover potentially lost business; and 

- notification of policy renewal premiums.

Reports will be sent to the email address held by 3xd for administration purposes.  If intermediaries require reports to be sent to a different address please notify our team by emailing intermediaries@3xd.co.uk

New Business reports will be sent as soon as 3xd begin processing the request.  The usual confirmation of cover (including a copy of the insurance schedule) will be sent by post in the normal manner.

3xd announces the appointment of Rick Riding as its Non-Executive Chairman and adds Heritage at Lloyds and Axa as household insurance providers.

The appointment of Rick is with immediate effect. Rick has an extensive knowledge of the mortgage and general insurance sector.  He was previously a founder director and chairman of Paymentshield, leaving the company following the management buy out in 2004.  In addition, to complement their existing arrangements with Groupama, 3XD have added Heritage (underwritten at Lloyd's) and AXA as further household providers.  All of the insurers on the new panel provide cover under the same policy terms, which allows intermediaries to select the best price for their customer, without affecting the levels of cover.  Regardless of the insurer, administration support is provided by 3XD through their exclusive arrangement with Plus One Services.

 To download the full press release, click here.

Following feedback from users and in preparation for our new household insurer panel, 3XD have provided new functionality in the quotation system.

This includes new clearer screens, better navigation and help prompts.  Our online system allows our intermediaries to quote for business, validate any relevant previous claims, underwrite the case and submit new business electronically with no need for signed forms.

3XD have added statements of demands and needs for our household and mortgage payment protection policies to the intermediary documentation area.

For each product there are versions of the document for advised and non advised sales.

Following feedback from our founder intermediaries, 3XD are making changes to their household product and creating a one-stop documentation area on their web page.

Our founder intermediaries have suggested that the current contents limit of £50,000 represents too much cover for many of their clients. As such, we have agreed with Groupama to reduce the amount of cover to £40,000 which will affect applications for insurance submitted on or after Monday 26th November 2007.

If this amount of cover is not sufficient for any future clients the the extended scheme will still be available offering enhanced contents cover up to £60,000.

The amount of buildings cover on the standard and extended scheme will remain at current levels.

Once the new rating has been applied to the quotation system, we will email all intermediaries details of the reduced premiums for any outstanding household quotes - each customer will then have a choice of either proceeding with £50,000 of cover at the original rate or accepting the new terms with a reduced premium.

In addition, we are creating a new documentation area for intermediaties where you can print all documents from one location. This will include two new data capture forms for our household and Mortgage Payment Protection policies.

Applications for intermediary status with 3XD have significantly exceeded all business expectations with over 12,000 new website hits since the launch of their range of general insurance products for intermediaries, three weeks ago.

Commenting Mike Riding, Operations Director said "It looks as though intermediaries are really excited by the prospect of working with a business partner they can trust and our commission for life guarantee has been received with great enthusiasm. Our quotation engine is now fully operational so intermediaries can submit applications for all of our General Insurance Products online."

3xd launches a range of intermediary based general insurance products. Applications from intermediaries will be processed from the 1st October 2007. The on-line quotation and business submission system will be available from 15th October 2007.

Commenting on this David Fulluck, Managing Director said "We have used our experience in the intermediary market to pull together a range of general insurance products that are both innovative and exciting. Our major focus will be providing long term commission security for all those intermediaries who choose to use our products and services."

To download the full press release, click here

3xd is offering intermediaries the opportunity to earn enhanced commission for the life of all policies if they register with 3xd before 30th June 2008. It is also offering a unique commission guarantee which means that intermediaries will continue to receive their full entitlement to commission even if they retire, change profession or cease to deal with regulated products.

Commenting on this David Fulluck, Managing Director said "We want our intermediaries to be well rewarded for supporting our business and be reassured that they will receive their entitlement to commission for the life of the policy even if they decide to leave the industry."

3xd has now selected its underwriting and administration partners for its range of intermediary based general insurance products. They have teamed up with Groupama for their home insurance proposition, Brit Insurance for mortgage payment protection and Lawshield (underwritten by Equity Red Star) for Legal Expenses and Identity Fraud Protection. Administration support for all products will be provided by Plus One Services.

Commenting on this Mike Riding, Operations Director said "We have teamed up with insurers who are highly focused on the intermediary sectory and an administrator that has a proven track record in high quality customer service."