Keychoice — the independent route to profitable growth is making great strides

July 25, 2016 SSP Limited

Six months on from introducing a new management team and a refreshed focus for Keychoice, Liz Mitchell, General Manager gives some insight into how things are taking shape.

Keychoice is SSP's distribution solution and it’s been undergoing a major refresh. We’ve been listening to what member brokers have been telling us about what works and what doesn’t, and we’ve also been looking at how we stand as a compelling offering in the market.

More and more, market conditions are turning favourable for brokers, and the high street is becoming a great place to trade again. As aggregators and direct insurers continue to fight the battleground on price, new regulation amongst other things, is paving the way for brokers to really show customers how they add value. With confusion being stimulated around products structures and lack of consistency and clarity in approach to addons, brokers can guide customers to buying what’s right for them. Keychoice is geared up to help members make the most of the current market potential. With the right team now in place and a proposition that sets us apart, we can help brokers make the most of it.

What our members have told us

We held the most recent Keychoice Broker Forum in London on 19 April where member feedback on our progress was very positive. This group plays an important role in helping us steer the way and their regular input and involvement is invaluable.

Members told us they want:

  1. More truly differentiated products.
  2. Greater clarity on what Keychoice stands for and the connection with SSP.
  3. Greater understanding of the value they could get from the immense data and insight capability  SSP has to offer.

What’s changed?

We’ve long been considered a network alongside all the other networks out there, but the reality is we have a distinct distribution offering that’s quite different.

We’ve outlined a refreshed offering with 5 key elements:

Competitive products — helping brokers and insurers win and retain more business with a range of enhanced core products from a panel of leading insurers

Unique data & insight — helping brokers and insurers trade more intelligently using SSPs sophisticated data to provide unique insight

Technology advantage helping brokers and insurers streamline trading by using SSPs technology to access markets more easily and trade more efficiently

Market access — helping brokers and insurers develop business by working with our members as a collective group to influence insures to provide differentiated products to open up new markets and enhance existing relationships

Enhanced service — making business easier with exclusive access to specialist training and compliance support

Delivering enhanced products

We’ve made good progress in brining enhanced and/or exclusive products to members, initially focusing on motor.

  1. Axa — Private Car
  2. Zenith — Private Car
  3. Zenith Marque — Private car
  4. Zenith Marque — Commercial vehicle
  5.  RAC — Breakdown
  6.  AIMS — Guaranteed replacement vehicle

Engaging with members

We’ve taken a good look at the way we talk to members too, to make things clearer and only discuss the things that matter to brokers. We want to make sure we help them make the most of what’s available to them. Creating more of a business community spirit is high on the agenda too.

So far our members have benefited from:

  • A brand new website guiding visitors through our refreshed offering making it clear and simple as to what’s available — take a look
  • New regular online and offline newsletters that update on the latest product news and new launches.
  • Up-to-date consistent product fact sheets that make it easy to see what the key features and selling points are at a glance.
  • A social media programme including regular Twitter and LinkedIn feeds with dedicated member groups to encourage member feedback and discussion.

You’ll have seen more of us in the insurance press too. The new Keychoice management team have been out talking to journalists about the value that Keychoice brings to members, helping raise the profile to ensure brokers can make the most of the likes of new products launched such as the Keychoice RAC breakdown product that went live in January.

What next?

Recognising that offering more enhanced products is top priority, building a healthy product pipeline is now continuous. We’re talking to insurers all the time to build the Keychoice panel and deliver.

We’re also recruiting a much larger team to support Keychoice. We’ll be introducing a broker support team — a mix of Business Account Managers out on the road talking to members, combined with telephone based Execs for brokers who prefer to contact us this way. Ensuring that we have regular contact with our members to support their business is important to us.

To further build product awareness and provide support to help with selling the products available, we’ll also be building a new “members only” private area to the new website. Members will be able to go and get detailed product information and comparisons as well as additional support and useful tools to help them.

It’s been a busy and exciting time for Keychoice. There’s still plenty to do, however we’re well on our way to taking it to the next level, to ensure members benefit from its success in the future.

This article is an extract from SSP eye issue 8

About the Author

SSP Limited

As the leading global supplier of technology systems and software for the insurance industry, our role is to help insurers and brokers operate more efficient businesses. So whether you’re a global insurer or an MGA, a high street broker or a start-up with a smart new idea, we can be trusted to support you on your journey, whatever the destination.

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