RBS Income Insurance

chambta

Interested to hear the view of the experts on this new policy being quoted in branches.

Funny, I've gone to find a link from the website and there's seemingly no mention of it.

Are the bank trying to keep quiet about this one then?

ACG

http://www.rbs.co.uk/content/business/insurance/downloads/RBOS_Policy_Wording_INRBOS005_07.07.pdf

Its done by Aviva. As far as the contract is concerned its pretty good. Im not a huge fan though as i hate having to call them, they can be a right nightmare. That being said youll get a decent policy for your money, however you might want to compare what you get from the bank against what you get if you went to an advisor, i would put money on an advisor being able to get you an identical product (ie avivas policy) for less money.

chambta

That's not the policy. It's a brand new product quoted in branch and then taken up, should the customer wish, by calling a telephone number.

My interest in people's thoughts on it come not from as a potential purchaser, but as a member of staff.

ACG

Its hard to give feedback on something with no documentation. You (RBS) will have to provide the client with some sort of documents (ie KFD) so perhaps you could provide a link to that.

InsideInsurance

chambta wrote: »

Are the bank trying to keep quiet about this one then?

It is more likely the case that either they are simply trialling it before investing in updating their sites or that the changes to the website are somewhere on the long queue to get any IT work done.

On the basis they're giving you a phone number to ring there is evidently very little IT dev been done for the in branch processes to date.

dunstonh

Normally, bank products "in general" are set up that they are either cut down basic/budget options or they take a normal IFA product but add up to 40% to the premium.

General rule of thumb is to never buy insurance or investments from a bank. However, there are probably exceptions but not many.

chambta

ACG wrote: »

Its hard to give feedback on something with no documentation. You (RBS) will have to provide the client with some sort of documents (ie KFD) so perhaps you could provide a link to that.

We provide the customer with a couple of leaflets but there are no PDFs online as far I can see.

InsideInsurance wrote: »

It is more likely the case that either they are simply trialling it before investing in updating their sites or that the changes to the website are somewhere on the long queue to get any IT work done.

On the basis they're giving you a phone number to ring there is evidently very little IT dev been done for the in branch processes to date.

The process is very deliberate. We quote in branch only. We give the quote to the customer and then after a set period they can call a number to progress it. There are obvious reasons for things to be done this way.

dunstonh wrote: »

Normally, bank products "in general" are set up that they are either cut down basic/budget options or they take a normal IFA product but add up to 40% to the premium.

General rule of thumb is to never buy insurance or investments from a bank. However, there are probably exceptions but not many.

Home insurance I would suggest being one, but yes, generally I agree.