Openwork has signed a long term contractual agreement with Paymentshield for general insurance.

The deal, which follows a formal tendering process conducted in the second half of 2012, will see all Openwork advisers utilising Paymentshield’s new panel proposition. This will replace the existing insurer panel currently managed directly by Openwork.

Openwork advisers will have access to Paymentshield’s web-based quote and apply system. The new relationship will go live in February.

Paul Shearman, mortgage, protection & GI proposition director at Openwork, said: “We have been working closely with Paymentshield for many years and they have been instrumental in helping Openwork build one of the largest general insurance books in the market.

“Paymentshield’s new panel-based proposition will provide our advisers with a competitive solution, supported by many of the UK’s largest insurers and underpinned by an efficient and intuitive online application system. Transacting business in this way will, we believe, boost advisers’ productivity, which will be critical at a time when advisers need to optimise the income streams available to them, and to do so safely and efficiently.”

James Watson, sales and marketing director of Paymentshield, said: “We are pleased to have been selected by Openwork as its sole tie distributor of general insurance for the next five years. We have always been impressed by the quality and volume of business that Openwork advisers produce and we have worked closely with them over many years to help grow their GI sales through our excellent business development team.

“We celebrate our 21st anniversary this year with the launch of our new on line panel of top UK insurers supporting the Paymentshield product. This new partnership is testament to the strength of our new proposition and further demonstrates Paymentshield’s ability to deliver market leading solutions to strategic partners.”