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Swiftcover.com – free insurance to its millionth customer

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Jun 17, 2009

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Swiftcover.com, is celebrating its rapid growth by giving away free car insurance to its one millionth customer.

Since it started business in 2005, swiftcover.com’s low-cost, hassle-free online insurance has saved British motorists millions of pounds in cheaper car insurance premiums, earning itself accolades from both moneysupermarket.com and Which?* for being UK’s cheapest insurer.

There has been a surge of interest this year, with sales in the first three months of 2009 increasing by 31% over the same period last year. As a result, Swiftcover predicts it is due to clock up customer one million in the next month.

Tina Shortle, marketing director of swiftcover.com, explains: “This is a huge milestone for swiftcover.com, so we want to celebrate by doing what we do best – and that’s help people save money on their motor insurance. What better way is there to do that than actually give free insurance to our lucky one millionth customer.”

Based on current record sales figures, the one millionth policy holder is likely to sign up in the next 30 days. swiftcover.com is fully online car insurance company, without time wasting call centres so it is able to provide quotes in sixty seconds and keep insurance costs down.

*Out of all the insurance quotes generated by moneysupermarket.com in 2008, swiftcover.com was the cheapest premium more often than any other provider. In addition swiftcover.com offered the cheapest price in 15 categories in the latest Which? motor insurance Best Buys survey.

Free car insurance for the millionth customer – Terms and Conditions

Normal Swiftcover insurance terms and conditions apply
Excludes employees or agencies of Swiftcover Insurance, their family members or anyone else connected to swiftcover.com.
Purchase on behalf of another person will not be accepted and joint submissions are not allowed.
The winner will receive 1 year’s free car insurance to the maximum value of £500. The insurance must fall within Swiftcover’s usual underwriting boundaries.
If the insurance premium is over £500 Swiftcover will pay £500 towards the premium and anything remaining must be paid for by the customer.
The winner will be notified by phone or email by 30/06/09 and a cheque for the value of the winner’s car insurance premium, up to a maximum value of £500 will be sent as soon as the winner has been notified.
The prize is non-exchangeable, non-transferable, and is not redeemable for cash or other prizes. Swiftcover Insurance accepts no responsibility for any costs associated with the prize.
The winners may be required for promotional activity.
Swiftcover Insurance accepts no responsibility for any damage, loss, liabilities, injury or disappointment incurred or suffered by you as a result of accepting the prize. Swiftcover Insurance further disclaims liability for any injury or damage to your or any other person’s computer relating to or resulting from participation in or downloading any materials in connection with the purchase.
Swiftcover reserves the right at any time and from time to time to modify or discontinue, temporarily or permanently, this prize with or without prior notice due to reasons outside their control.
The promotion will be governed by English law.

Free Critical Illness offer for new Income Protection customers extended until year end

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Jun 16, 2009

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Protection specialist LV= has extended its free critical illness (CI) cover offer to the end of 2009. All new customers taking out an income protection (IP) policy under the LV= Flexible Protection Plan by 31 December 2009 will receive free lump sum CI cover equivalent to three times their monthly income protection benefit.

Free CI cover was initially launched as a short term offer in February 2009 and feedback from financial advisers has been so positive that LV= has decided to extend it until the end of this year.

LV= Head of Protection Chris McFarlane comments: “Advisers have told us that our free critical illness offer has not only enabled them to revisit their existing clients to ensure their protection needs are being met, but also the offer is acting as a real differentiator between LV= and other providers in the market. Our extended offer will provide lump-sum financial relief following the diagnosis of a critical illness like cancer, coupled with a regular income in the case of a stress-related illness, for example.”

Recent consumer research published by the Financial Services Authority highlighted that many CI policyholders have a poor understanding of what their policy covers. Almost seven out of ten policyholders (68%) wrongly believe that they can claim for any illness if they are unable to work. The research also found that many policyholders confused CI cover with income protection – one quarter (23%) thought that they would receive a monthly income in the event of a claim on a CI policy.

McFarlane continues: “The extension of this special offer aims to promote the merits of income protection and encourage more people to get covered, and is particularly timely given the continuing economic downturn. It also highlights the benefits of lump-sum CI payments to help people to adjust financially in the face of a serious illness. One of our key priorities as a leading protection provider is to educate people around the importance of protecting their regular income.”

Details of the LV= free critical illness cover offer are as follows:

The offer is available to anyone applying for a new Flexible Protection Plan up to 31 December 2009.
On diagnosis of a critical illness that meets our policy definition and survival for at least 14 days, LV= will pay the customer a lump sum of three times their monthly IP benefit. LV= only cover the critical illnesses defined in their policy, and no others.
The free CI cover is as defined under the existing Flexible Protection Plan CI cover option (except for Total Permanent Disability). Free children’s CI cover is included.
The free CI cover applies for as long as the IP cover is in force.

For more information on the free CI offer financial advisers can visit www.lvadviser.co.uk.

– Adviser demand results in extension of free Critical Illness cover.
– Critical Illness lump sum of three times the monthly Income Protection cover.

Seniors make money by selling their Life Insurance

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Jun 12, 2009

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Let’s face it – the past twelve months have been very hard financially on you senior citizens. But help may be on the way from a place you probably never thought about – your life insurance policy! Through a transaction known as a Life Settlement, you can receive market value for your life insurance in cash – and never have to pay expensive premiums on the policy again.

Most likely, you’re finding that your house and stock portfolio have both declined in value – perhaps by a great deal. You have good reason to be concerned; after all, your plans for your golden years may be in jeopardy, whether they are for traveling, living in a comfortable residence, or spending time with loved ones.

Think back to when you first bought your life insurance policy. You were probably in your 30s or 40s and wanted to protect your family against your premature death. Should anything happen to you, your spouse and children would be protected. But things have changed! Your children are now grown and financially independent and the financial needs of your spouse (if still alive) have declined significantly and may be covered by your savings and/or Social Security. Do you really need that life insurance policy anymore?

If the answer is No, you should definitely consider a Life Settlement. Most people who have a life insurance policy they no longer need wind up either 1) letting the policy lapse by not paying the premiums or 2) surrendering it to their insurance company, in which case they get back the cash value of the policy less a small administrative charge. However, a Life Settlement will always provide more cash than either of these other options – and often many times more cash.

Here’s an example. An 84 year old woman in good health owned a $500,000 policy with a cash value of $24,000 and annual premiums of $21,000. She was able to sell this policy through a life settlement for $215,000 – 9 times the cash value!

How much cash will your life insurance provide if you settle the policy? That is a complicated question which depends upon many factors, including your age, health, terms of your policy, and the state of the market for your policy at any point in time. In general, the older you are and the poorer your health, the higher the amount of the settlement will be.

A life settlement is done by transferring ownership of your policy to a company (known as a provider) on the secondary insurance market. Though the settlement will be less than the face amount of your policy, it will often be large enough to provide for you through your retirement years, so that you will be able to live as you choose, with no financial burden being placed on your family.

The process of obtaining a life settlement to fund your retirement can start by contacting a licensed life settlement broker. A settlement broker has access to a wide variety of providers and can obtain the best offer for your policy through a bidding process. The broker can explain the Life Settlement process to you in detail and answer any questions that you may have. Life Settlements are not for everyone – and only by completely understanding your options can you fully ensure that you’re making the best financial decision for you. There is no cost to investigate a life settlement, and you are under no obligation to accept any offer to buy your policy.

Health insurers prepare for government reform

Industry News

Jun 12, 2009

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Congress is crafting health insurance reform proposals now, but insurance companies have already been getting ready for change. Mintel Comperemedia, a service that provides direct marketing competitive intelligence, saw health insurers increase marketing direct mail offers to individuals by 18% in the past twelve months*.

Mintel Comperemedia’s vice president of insurance services, Daniel Hayes, believes insurance companies are stepping up direct mail in anticipation of government reform: “Health insurers are actually eager to work with the legislature on affordable, accessible health care. But they realize that government reform will likely mean increased competition, so insurers are trying to raise the public’s awareness of their plans, benefits and belief systems.”

Mintel Comperemedia’s direct mail database shows health insurers positioning themselves as high quality and focused on the individual, not just the employer. For example, United Healthcare advertises affordability and choice in its new UnitedHealthOne brand, while Blue Cross Blue Shield of Georgia’s SmartSense plan focuses on low costs for the unemployed. Taking a slightly different angle, Kaiser Permanente’s direct mail emphasizes general health and wellbeing, claiming “we’ll help you live well, be well, and thrive.”

“Health insurers are truly focusing on the individuals they cover. With tailored new products and customized marketing messages, insurers are trying to win consumers’ confidence, so they can win their business too,” comments Daniel Hayes.

A recent Mintel survey on people’s attitudes towards health insurance reveals nine out of 10 adults (92%) think they should be able to obtain coverage from whichever company they want. Over two-thirds (69%) think the federal government should provide tax credits for people to buy health insurance individually.

*Acquisition mail volume from April 2008 to March 2009 compared to the prior 12-month period

Loss record for AIG Insurance : $61.7bn

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Jun 11, 2009

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The Amercian Insurance giant AIG (American International Group) has reported a loss of $61.7bn (£43bn) in the final three months of 2008 – the largest quarterly loss in corporate history. AIG has already received $150bn in financial support – the biggest bail-out by far of any US company.

The fourth quarter 2008 adjusted net loss, was $37.9 billion or $14.17 per diluted share, compared to an adjusted net loss of $3.2 billion or $1.25 per diluted share for the fourth quarter of 2007.

The company will receive an extra $30bn from the US government as part of a revamped rescue package. Under the deal, the third government rescue of AIG since September, the US Treasury and the Federal Reserve will provide around $30bn in fresh capital to the insurer, lower the interest rate on a $60bn-loan and ease the terms of a $40bn preferred share investmentUS officials fear that a failure of AIG would be disastrous for both the US and the global economy.

The latest package involves the Federal Reserve taking stakes in its American Life Insurance and American International Assurance businesses.

The group is also separating out AIG UK, a general insurance business, by creating a new holding company to be called AIU Holdings.The establishment of AIU Holdings, Inc. will assist AIG in preparing for the potential sale of a minority stake in the business, which ultimately may include a public offering of shares, depending on market conditions.

“AIG is executing one of the most extensive corporate restructuring programs in history,” said Edward Liddy, Chairman and Chief Executive Officer, AIG. “The formation of AIU Holdings, Inc. will help protect and enhance the value of these key businesses, and position them for the future as more independently run, transparent companies.”

When it is formed, AIU Holdings, Inc. will be a unique leading franchise with more than 44,000 employees and 500 products and services serving 40 million commercial and individual customers in 130 countries and jurisdictions.

Barbon Insurance makes the acquisition of Zennor Ltd

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Jun 10, 2009

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With effect from 21 April 2009 Barbon Insurance Group Limited(www.barbon.com) has acquired Zennor Limited, the Central London based property and commercial insurance specialist Managing General Agent.

Managing Director of Barbon’s Property and Commercial Division, Nick Sharp, commented that: – “Bringing the Zennor MGA into the Group is both an excellent strategic and tactical acquisition for Barbon”.

Martin Oliver CEO Barbon Insurance Group added “This acquisition is a real vote of confidence from our owners and sends a clear message to our staff, customers, insurers, and competitors that Barbon is hungry for growth and securing our customers the very best product and cover”

Zennor are the largest provider of property stock insurance to Barbon’s Social Housing brand, ‘FARR Insurance’, the leading Broker in the Residential Social Housing sector.

This key strategic acquisition demonstrates Barbon’s strong commitment to expand its presence in the RSL sector over the long term and this vertical integration will allow FARR Insurance and Zennor to work closer together in enhancing our value added insurance products to this important sector to Barbon”.

Zennor will continue to operate as a stand alone business unit within the Barbon Group from its offices in London and Simon Perry, Underwriting Director at Zennor commented, that: – “The coming together as part of the enlarged Barbon Group is a natural positive progression for the Zennor brand. Our team at Zennor are looking forward to working even more closely with the team at FARR and the other brands within the Barbon Group”.

Londoners Most at Risk from Burglary

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Jun 10, 2009

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London has been named the UK’s riskiest city for household theft while Preston is the safest, according to a new report published today by Endsleigh Insurance Services Limited.

The new figures were revealed in Endsleigh’s ‘Homes Report 2009’, which shows the top ten safest and riskiest towns and cities for burglaries in the UK.

The results were collected by analysing household theft claims over the last four years from tens of thousands of Endsleigh policyholders in the UK. Whilst Home Office statistics highlight the fact that the rate of burglary across the UK has fallen over the past decade, a recent report released in January found that burglary rates had increased by four per cent across the UK over the last quarter as the recession developed. Figures from July-September 2008 show a significant increase in burglary rates for the first time in seven years.

The report analyses the percentage of claims in different UK towns and cities against the number of Endsleigh policyholders, ranking them based on the comparative risk of burglary, rather than on the total number of claims there have been. The report also covers accidents in the home, determining the most and least ‘accident-prone’ towns and cities.

The top three riskiest and safest towns and cities for burglary according to Endsleigh’s report, are (see report for full tables and maps of UK hotspots):

Riskiest for household theft: 1. London 2. Nottingham 3. Bristol
Safest for household theft: 1. Preston 2. Norwich 3. Ipswich
The top three riskiest and safest towns and cities for accidents in the home are:
Riskiest for household accidents: 1. Hove 2. Milton Keynes 3. Brighton
Safest for household accidents: 1. Manchester 2. Leeds 3. Liverpool

The top five tips for reducing the risk of burglary include:

1. Do not label your house keys in case you lose them 2. Install a burglar alarm 3. Never leave a spare key concealed anywhere 4. Ask a friend or neighbour to check on the property if you are going away 5. Where possible, try to keep valuables out of sight from windows

Burglary rates have spiked recently and according to the government that could be as a result of the economic recession we are experiencing. It is, therefore, more vital than ever that homeowners take extra care when leaving their property for any period of time.

The Report doesn’t, however, look at the total number of incidents occurring across the country. We have instead identified towns and cities that represent a greater risk than others according to the number of thefts in that area compared to the number of our policyholders.

Clearly some towns and cities represent a greater risk than others but regardless of where you live every householder in the country needs to be aware of the possibility of burglary.

It’s crucial that, as well as helping the success of neighbourhood safety schemes where they can, people across the country remain vigilant when it comes to home security.

Domestic burglary figures may have dropped substantially over the past decade but this period of economic gloom means there is no room for complacency when it comes to protecting your home.

Insurer warns of 50% increase in motorcycle accidents

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Jun 6, 2009

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The UK’s biggest insurer has identified this May Bank Holiday weekend (May 23-25) as the most dangerous time of the year for motorcyclists. Recent claims data reveals that there is a staggering 50% increase in motorcycle accidents on the Spring Bank Holiday Monday, making it the single biggest day for claims.

As the weather gets warmer and enthusiasts dust off their motorbikes for their first ride of the year, Norwich Union, soon to be Aviva, is warning both the nation’s estimated 1.2 million motorcyclists* and their fellow motorists to be extra vigilant. Britain is now heading into the most statistically dangerous part of the year for motorbike accidents caused by motorists.

Nigel Bartram, senior motor underwriting manager, Norwich Union, comments: “As bike fans are keen to get back on the road after a long winter, our claims data shows that accidents are more likely to happen at this time of year. We are urging motorcyclists to be more careful, but equally want to make drivers more aware of the increase in motorbikes that will be filling the roads.

“Checking for blindspots, being aware of bikes overtaking or undertaking and being extra careful when opening doors and pulling out are just some of the simple steps that drivers can take.”

Norwich Union attributes the large increase in claims to the warm weather encouraging more “weekend riders” onto the roads, but also to the glare of bright sunshine, leading to more accidents than there are on rainy days. On the brightest and hottest summer days Norwich Union sees a 50% increase in motor claims, compared to an average day.

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