Compass News

17th January 2012 – Compass Launches ID Theft Product

Compass Underwriting launches a new ID Theft product in association with LawShield Ltd and Experian.

Identity theft is one of the most common and fastest growing crimes in the UK. ID fraud cases have increased by 244% in the last 4 years*¹. In 2010 £1.9billion was lost to ID Fraud *².

The use of false number plates by criminals is also increasing. They seek out similar car models to their own, copy the registration number and fit false, cloned plates. This can leave their unwitting victims facing speeding and parking fines, or congestion charges.

Compass LawShield ID Theft Gold product is designed to provide unlimited credit reports and email warnings showing any significant activity on a credit history*³ and should the customer be a victim of ID theft then the cover will provide them with a qualified LawShield legal representative to take complete control of the case.

Compass Underwriting Ltd Managing Director Andrew Briant says, "Sadly, the vast majority of people don't take the risk of ID fraud seriously. A staggering 1 in 3 can expect to be a subject of identity theft in their lifetimes. It's not surprising when you consider how easy many of us make it for the fraudsters – for instance 29% of us use the same pin number for all of their bank cards, 27% keep a record of their PIN numbers in a mobile phone, PC, wallet or purse etc. 62% have been given someone else's card and PIN to use, 73% don't sufficiently destroy card receipts and bank statements."*4

He continued, "ID Theft cover has unfortunately received some bad publicity in the past. Mindful of that, Compass Underwriting, together with LawShield and Experian and underwritten by certain underwriters at Lloyd's have designed a legal expenses product that's effective and offers comprehensive cover for up to £25,000 in legal fees for Identity fraud and also £5,000 for number plate cloning at a reasonable premium. Most importantly, claimants will have direct access to a dedicated LawShield legal advisor throughout the process to defend proceedings brought against them and to work with Experian in restoring their credit ratings."

Compass has designed the product to be attached as a useful enhancement to other mainstream products through the intermediary community.

Data Sources and technical details:
*¹ Finextra, 16/5/11
*² National Fraud Authority 27/1/11
*³ The policy has two levels of cover, a standard option that offers up to £25,000 worth of cover with Experian and a Gold option that includes unlimited access to Experian credit reports and email/text alerts if there are any significant changes (additions/deletions & searches) or suspicious activity. Premium Rates are £39.99 for Standard and £59.99 for Gold (incl. IPT).
*4 Statistics taken from moneyfact.co.uk

3rd November 2011 – Insurance Age Broker Expo Show in Coventry

Compass was very pleased to be at the show this year for the launch of 2 new products – a group personal accident, income protection and business travel product underwritten by QBE Insurance and also an ID Theft product working in association with Experian and LawShield and underwritten by certain underwriters at Lloyd's. Managing Director, Andrew Briant, said "It was an excellent show where we met a lot of interested brokers. Even in these challenging times we remain committed to providing innovative solutions to the broker community."

October 2011 – Compass Underwriting becomes MGAA founding member

With effect from the 1st October 2011 Compass Underwriting is very proud to announce that it is a founding member of the newly launched Managing General Agents’ Association (“MGAA”). The FSA have also confirmed that the MGAA have been added to the list of approved financial services trade associations. http://www.mgaa.co.uk