Since launching in January 2016, Keychoice members have had exclusive access to a fully integrated breakdown recovery scheme for cars, vans and motorbikes from the UK’s most experienced breakdown provider.
RAC's Simon Berry and Richard Fuller discuss the partnership six months on…
The journey so far
Since the launch, policy volumes have grown significantly with over 180 Keychoice members signing up to the products.
Simon Berry, RAC Account Manager, said: “I’m delighted with the response from Keychoice members. I’ve travelled the length and breadth of the country meeting brokers, discussing product benefits and providing training to support broker knowledge and up-selling techniques. I’ve been able to share the RAC’s expertise in breakdown recovery products and this has delivered month-on-month conversion growth and additional revenue for the Keychoice members which is fantastic to see six months into the product’s tenure with Keychoice.”
"Feedback from the brokers has been extremely positive. "
Feedback from the brokers has been extremely positive. Not only does the RAC brand reputation give their customers and staff the confidence in add-on products, our dedicated patrol network has provided exceptional service for 119 years. The exclusive deal with Keychoice offers access to discounted net-rated products via a fully integrated Keychoice scheme through SSP’s broker systems.
This saves time for the brokers, offering their customers a fast professional service with no need to re-key as it adds to a motor policy in seconds. The rated product gives the broker control of their margins and customer price.
The support from SSP and Keychoice team has been fantastic throughout development, implementation and launch. Our relationship is mutually beneficial and has developed into a strong, positive partnership ensuring value is delivered to the Keychoice members. What’s more, exciting additional opportunities are already being discussed for the future.
Keychoice’s collective knowledge and experience has been instrumental in bringing our product into the broker marketplace.
RAC & Keychoice
Keychoice chose to work with the RAC following an extensive review of the breakdown services market in 2015. Our brand’s reputation and customer service being important considerations, as consumers prefer to buy from a brand they recognise and trust. This was evidenced in 2015; Awarded no.9 of the Top 100 Brands when it comes to customer service – according to consumer magazine ‘Which?’
It was the RAC’s ambition to work in partnership with one of the leading technology providers in the industry, through their technology systems, unique insight, visibility and distribution right across the market.
Richard Fuller, RAC’s senior proposition manager, said: “Brokers are becoming an important part of the RAC’s income stream, as we look to expand our products and revenue.
“SSP is a trusted strategic partner with access to hundreds of high street brokers through its Keychoice solution. We wouldn’t otherwise be able to connect with these brokers on an individual basis, so this partnership with Keychoice is really important to us.”
As Keychoice members currently hold around £50m motor GWP, this will offer significant advantage to further develop value with members and provide a way to grow further. Our partnership enables the RAC to take full advantage of a much more flexible and agile technology platform.
A successful start
"Many have seen monthly conversions grow from 10% to 15% with one large broker reporting year-on- year policy volume growth of 35%."
We have enjoyed a very successful start with Keychoice members embedding the product within their brokerages as well as displaying a positive attitude towards upselling the products. Many have seen monthly conversions grow from 10% to 15% with one large broker reporting year-on- year policy volume growth of 35%. This is a great reflection of the true value RAC products offer the Keychoice member customer base.
Looking further ahead in 2016
Following a very successful launch and great start to our relationship with Keychoice and its members, with over 180 brokers active and thousands of their customers adding our breakdown products to their motor insurance policies, we’re in a great place to continue this success throughout 2016.
Key highlights for 2016 will include:
Focus on expanding further into the Keychoice broker community, strengthening our position, working with Keychoice and its members to increase active brokers and policy volumes.
Develop and grow RAC add-on products, working in line with the FCA’s ongoing review of General Insurance add-on marketplace.
Ongoing support for Keychoice members supplying all the necessary information, training and expertise to confidentially and fairly sell our products to their customers.
If you haven’t already taken advantage of the Keychoice breakdown products, you can gain access by going to this website www.rac.co.uk/keychoice
Richard Fuller joined the RAC in January 2012 from Marsh, the world’s largest insurance broker, as Senior Proposition Manager tasked with widening the RAC’s insurance portfolio by contracting with insurers to provide other products such as travel or personal accident insurance.
In March 2015 Richard moved to Head of Commercial Sales responsible for increasing the number of insurers and brokers selling breakdown and accident recovery services as well as building on the performance of existing insurers and brokers through training and improving their knowledge of the RAC and its products and services.
Simon Berry joined the RAC in October 2015 as an Account Manager and is dedicated to the SSP Keychoice account. Simon brings a wealth of experience and expertise having worked for the likes of RBS Insurance, Direct Line Group and Green Flag.
For more details about Keychoice visit www.keychoice.com
This article is an extract from SSP eye issue 8
About the Author
SSP is a global provider of technology systems and solutions across the entire insurance industry, using our expertise to enable our customers to transform their business and increase their profitability. SSP provides core technology solutions, distribution and trading capability, advanced analytics and solution delivery. We work with 8 of the top 10 UK insurers, 4 of the top 10 global insurers and over 40% of UK Brokers. Our unique position in the market, including the largest market share of UK e-trading, enables us to provide leading data insight and unrivalled distribution. Our knowledge, talent and technology capabilities deliver innovative results that make us the partner of choice for our customers.Follow on Twitter More Content by SSP Worldwide