Lee Mooney joins as product, marketing and proposition director

Lee Mooney Paymentshield - insurance times

The Co-operative Group’s insurance commercial director Lee Mooney has left to join Paymentshield.

Mooney started this week as head of product, marketing and proposition director at the Towergate-owned home and mortgage payment protection broker, reporting into chief executive Gary Duggan.

Mooney worked at the Co-operative for over four years and previously held senior positions at Tesco Personal Finance and RSA where he launched new businesses and products.

Paymentshield plans to launch new products in coming months, and boost its distribution through exclusive tie ups with large mortgage brokers as its MPPI business contracts.

The division’s turnover shrunk by 14% to £20m in the first half of the year, while profits were by 20% to £21.5m after it stopped benefitting from an advanced commission deal with RSA.

Duggan said: “Lee’s extensive knowledge of working with big financial brands on their product and marketing strategies will prove invaluable in his new role here at Paymentshield, as we develop our proposition to further accelerate our growth within the industry.”

Mooney said:  “I’m looking forward to working with Gary and the team at Paymentshield in this exciting and challenging new role to help take the business to its next stage of development and to further build on its strong history of success.”

The Co-operative will begin a turnaround plan for its UK GI business later this year after posting a £6.8m loss in the first half of the year.