Borrowers Insurance: Agéa Trains their Teams
As customers can now cancel their borrowers’ insurance contract after an initial period of twelve months, brokers, financial advisors, banks, lenders, and any other party involved in selling mortgage loans must comply with training obligations. This need to meet new regulatory requirement explains why the French federation for insurance agents, Fédération Nationale des syndicats d’agents généraux (Agéa) proposes digital training sessions.
The first part of their Massive Open Online Course program (MOOC), entitled Assurance Emprunteur : gagnez des parts de marché (French for “Borrowers Insurance: earn market shares”), started on January 15, and will run until February 22, 2018.
This course deals with four main chapters: credit insurance, mortgage loan, credit risk and customer relation.
It is proposed for free, and available online 24/7 to Agéa general insurance agents. The point is to help them improve their skills as regards to borrowers’ insurance services, and figure out the regulatory requirements they need to comply with.
Comments – An increasingly competitive market
According to a study by the insurance broker Réassurez-moi, considering several insurance offers and changing insurance could save 6,310 euros (roughly 25%) to French borrowers throughout the life of their credit. The Bourquin Amendment entered into force and is heavily impacting the banking sector. It stands out as a victory for insurance agents and brokers, who can now aim for the market of borrowers' insurance. And they are making sure all necessary conditions are met to actually boost the competition.
In this context, Agéa’s training sessions are intended to help agents become familiar with borrowers’ insurance, and eventually win contracts. This program would provide them with the keys to (so to speak) “free their customers” from the banking contracts they once subscribed (naturally, with their lending bank). This aggressive strategy says a lot about the raging battle that started in this sector.