Optoma reveals financial service expansion

The packager is looking to expand into a wide range of financial services, including insurance, unsecured loans and credit cards.

It believes it has the distribution base of brokers to be able to offer these services and has promised it will reward brokers for helping it extend its brand.

Andrew Seymour, chairman of Optoma, said: “When a client buys a mortgage, they often use a credit card to buy furniture, they use unsecured loans to sort their new home out and they take out insurance on that property. The broker is in a position to offer the client all these services and we want to offer them the facility to do this through Optoma. That way, the broker is benefiting too.”

Optoma has indicated it will be providing white-label products through its web portal, with personal indemnity insurance also set to be included in the offering.

The packager believes it can succeed in offering a variety of financial services products and it will not be compromising its mortgage brand.

Seymour added: “If it means we take a lower cut so we can sell more volume then we’ll do that. People said we can’t cross-communicate our mortgage message but if Virgin can do it, why can’t an intermediary brand do the same?”

Jason Richardson, director of YooToo Financial Services, said: “It’s a good thing for a company like Optoma to offer all these things as a one-stop-shop, instead of having to have details for 20 firms. It offers greater scope for brokers to help their clients when the time comes and they ask about additional services like these. I think more packagers should be looking at offering this kind of service.”