World First Travel Insurance has developed a white label service enabling travel agents to sell travel insurance within new Financial Services Authority guidelines.
Trade Routes, as the technology is called, provides customisable white-label websites for the industry, which direct insurance customers to World First’s FSA-regulated site.
The technology can be accessed via trade-routes.co.uk offers quote and purchasing facilities, flexible commission of up to 30% per policy, a range of policies, marketing support and a dedicated support centre for phone calls and online queries.
From January 1, 2009, travel agents and businesses selling travel insurance will be come under new FSA guidelines. Research from World First Travel Insurance shows 22% of ABTA agents either don’t know what the changes mean or have done nothing to prepare themselves for the New Year.
A small agency selling 10 policies a week could miss out on more than £7,000 commission a year – based on selling 10 policies a week.
Using the Trade Routes system agents become resellers of the insurance and can continue to earn commission of up to 30% per policy on the ancillary without having to deal with the FSA.
Martin Rothwell, managing partner, World First Travel Insurance said: “Our solution will enable the industry to continue to sell, and claim commission on travel insurance.
“Agents who don’t comply with FSA legislation and continue to sell insurance after 1 January will be breaking the law. ‘Trade Routes’ ensures that we take care of the FSA legislation on our clients’ behalf so agents can maintain their relationship with the consumer.”