Saldo has recently launched a new insurance product for consumers as of September 2020. Saldo’s new insurance guarantees its customers repayment of their loan in the event of the unexpected, including unemployment or incapacity to work.
Saldo Safe insurance is offered by Maiden Life & General in partnership with Saldo. Maiden Life was founded in 2007 in Stockholm, while Maiden General was established subsequently in 2016. Together, the two entities form a company that offers its customers across Europe simple and effective financial protection solutions. Currently, the company has 142,000 policyholders.
Maiden Life & General’s headquarters are in Sweden, but the company is constantly expanding its operations in Europe.
-We can deliver insurance solutions in all EEA countries, and have most recently launched programmes in Sweden, Denmark, Finland, Norway, Germany, the Republic of Ireland and the UK. Maiden Life & General are also increasingly looking to protect customers in the Baltics, says Daniel Deckers CEO of Maiden General.
The company looks after the insurance needs of its partners’ finance customers and helps them meet their ongoing financial responsibilities. The company positions itself as a modern European insurer who provides transparent and simple-to-use policies, which consumers have come to expect.
Loan insurance is becoming more common – why is it important to take out loan insurance?
-If 2020 has taught us anything it is to expect the unexpected! And if you become unable to work because of an accident, sickness or redundancy, the benefits provided by your local government may not be sufficient to cover your outgoings. It is therefore important to consider taking out insurance to cover your loan, in order to leave you with sufficient funds to support yourself and your family should the unexpected occur, notes Deckers.
In Finland, for example, insurance for mortgages has been available for many years. However insurance for consumer and other types of loans is a relatively new development. It’s only in the last five years, due to the changing market, that insurance for consumer credit has become more common.
There is a greater awareness amongst consumers regarding the possibility of taking out loan insurance, as new financial institutions and banks have made loan insurance more transparent and easier to understand. According to Deckers, this is also the case in the Baltic countries.
Cooperation with Saldo
If everything else goes to plan, loan insurance acts as additional security for consumers and gives them peace of mind. However, what about when the unexpected happens and something actually goes wrong? Does having insurance help in these situations?
-Maiden are pleased to offer two products to Saldo’s customers. Saldo Safe insurance for Saldo Laina which covers loan instalment repayments, and Saldo Limiitti which covers repayments on a Saldo revolving line of credit. Both are payment protection insurance products, and cover your repayment obligations, subject to terms and conditions, in the event that you are unable to work due to an accident or sickness, if you are made redundant or if you die, says Daniel Deckers about Saldo Safe.
If you’re thinking about taking out insurance, you’ll need to consider whether your existing financial security is sufficient to cover all financial obligations. Financial protection should be so comprehensive that it allows you to take care of both your family and yourself if, for some reason, you are no longer able to work.
Saldo Safe insurance claims have been made easy
Saldo Turva is easy to use when it’s time to make a claim. To initiate a claim simply fill in the form that can be downloaded from MySaldo and attach any necessary documents. This is a relatively quick and easy procedure for consumers. All that is required are necessary documents to prove you are unemployed or incapacitated for work.
Claims are processed quickly and customers are notified immediately once a decision has been made. In practice, this means that it only takes a number of days to deal with and make a decision regarding the claim. All claims are processed by TPA Claims & Admin. TPA Claims & Admin is a long-term partner of Maiden Life & General in the Nordic and Baltic countries.
In the event that an issue does arise, customer service can always be contacted. Saldo’s own customer service is available, which handles the matter on behalf of the customer.
Saldo is delighted to be in a position to work with such an experienced and international insurance company. Maiden Life & General is also looking forward to starting the partnership with Saldo.
-Maiden are delighted to be collaborating with Saldo and are pleased to further expand our business in Finland, protecting more customers with our payment protection products. This has been an inspiring project and is a great example of our collaborative operational approach, says Deckers.
The co-operation is facilitated by the fact that Maiden Life & General has a representative in Finland, First Insurance, whose country manager for Finland and the Baltics is Pasi Puntari. Hopefully, this new partnership will continue to grow and allow new insurance services to become available to Saldo’s customers in the near future.
Maiden’s view of the current situation
All parts of society have been impacted by Covid-19 to some degree. This new situation has brought the importance of financial security into focus for many consumers. Daniel Deckers does a great job of summing up the exceptional nature of the current situation:
-The Covid-19 pandemic has proven that, even for those who enjoy the most healthy and stable of lifestyles, anything can happen to our health and employment. Understandably then, we have seen a notable increase in interest in our financial protection products in 2020. You never know what’s just around the corner, and a suitable insurance product taken out together with a loan can give peace of mind should anything happen.
The unpredictable nature of life is also reflected in the increasing interest in insurance products. Of particular interest are services that can guarantee financial security during such an unstable year. Because you never know what lies around the corner, it’s prudent to combine your loan with a suitable insurance product in order to obtain some extra peace of mind