Saldo Finance Oyj interviews Maiden's Daniel Deckers
In September 2020, Maiden Life & General launched a new insurance product for loan customers of Saldo Finance Ojy in Finland. This new insurance product ‘Saldo Safe’ covers loan repayment instalments for both Saldo Laina and Saldo Limiitti customers in the event of the unexpected, including involuntary unemployment or incapacity to work.
Saldo Finance is a leading provider of automated credit solutions for consumers and small and medium-sized companies in the Nordics.
Q1. 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 repayments, in order to leave you with sufficient funds to support yourself and your family should the unexpected occur” notes Daniel Deckers, Managing Director of Maiden General.
“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.
Q2. If everything else goes to plan, loan insurance simply gives additional security and peace of mind. However, what about when something actually goes wrong? Does having insurance help in these situations?
“Absolutely! Maiden are pleased to offer two products to Saldo’s customers. Saldo Safe insurance for Saldo Laina which covers loan instalment repayments, and for 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.
Q3. What should Saldo customers consider when taking out the Saldo Safe insurance?
“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.”
Q4. What does the Saldo Safe claims process look like?
“Saldo Safe 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 customers. 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, and they handle the matter on behalf of the customer.”
Q5. What about the Maiden-Saldo cooperation?
“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.”
Q6. What is your view of the current COVID-19 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.
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.”