White Papers

Where next on the distribution journey

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Head Office: Second Floor G Mill, Dean Clough, Halifax, West Yorkshire, HX3 5AX www.ssp-worldwide.com Insurance Leadership Group Insuring our future Where to go from here: the way forward For more information on SSP thought leadership events and whitepapers, contact us on marketing@ssp-uk.com www.talented-innovators.com/measureup With the commercial lines market set to grow at a modest rate, insurers will be looking to better identify and select profitable business, exit loss leaders and leverage efficiencies and cost savings. As discussed, two approaches to successfully achieving growth are to realise the full potential of increased digitalisation to meet the needs of younger, cost-conscious buyers and changing the way insurers work with brokers. For those insurers looking to provide access through a greater number of brokers, there are a number of networks and strategic partners, each offering unique and exclusive offers to attract members and distinguish themselves in the marketplace. According to figures from Datamonitor Financial, the largest network by number of members is SSP's Keychoice. Through better products, rates and services, Keychoice brokers have been able to grow 15% faster than their peers. With access to such a large number of successful brokers, commercial insurers can make the most of this dominant method of distribution, while examining how they can exploit emerging channels. The challenge for insurers and brokers is to develop and implement a digital strategy that enables them to realise their growth ambitions. SSP is well placed to help insurers do just this, both through its Keychoice broker network and through technology that enables them to leverage cost reduction and operational slickness.

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