As Distribution Director, the Keychoice business falls under my remit, so I wanted to explain the exciting changes we will be implementing over the coming months.
Already this year, an additional 40 brokers have joined Keychoice, the insurance distribution business owned by SSP, and a further five signed up at our SSP Broking launch event. This is in addition to the existing membership of 500 independent brokers.
We are now focusing on creating the market’s first regional panels, which will ensure that our Keychoice members are able to benefit from great products with enhanced rates, providing them with a significant competitive advantage.
We are building a new regional panel for personal lines business, and will be applying the same approach to commercial lines. We will also be offering a series of products, including the Keychoice RAC fully integrated breakdown recovery scheme, which over 170 brokers have signed up for, with some experiencing a resultant increase in sales of 25%.
Insurers who join our new panels will have greater access to high street brokers, one of the most profitable channels in the UK insurance market. Indeed, with Keychoice products being exclusively available through SSP, its unique position and make up mean its members write highly profitable business for insurers.
With all our brokers using the same technology platform, Keychoice can offer a holistic and continuous view of how they are trading. The meaningful insights generated mean insurers have the unique perspective required to understand the best brokers for particular business, fine tune their product performance and extend their trading footprint to new brokers and territories.
These enhanced-rated products are more valuable to brokers, giving them a significant competitive advantage. This drives adoption of these products, generating greater volumes of data which enables further fine-tuning.
To complement the new regional solution, we are investing in our team ready for the next phase of growth and evolution, and I am delighted to welcome Richard Myers to Keychoice. He joined us in June as Relationship Manager, bringing with him over 30 years’ broking experience. Having been a Regional Manager at both Swinton and BGL, looking after networks, Richard has the skills and expertise to drive things forward and help Keychoice succeed.
Speaking about his appointment, Richard said:
“I am excited to be joining Keychoice at a time when the focus is on growing the panel and introducing a series of new products. I look forward to meeting with Keychoice brokers to discuss their needs and wants, as well as their big challenges, so we can deliver the most appropriate solutions and add further value.”
We will continue to invest in the team over the coming months, with new commercial lines Account Managers joining us in early autumn. This broadening of our remit will enable us to deliver competitive new products and services to help our brokers win in the market.
Over the last three years, Keychoice has gone from strength to strength, and with the new roles in place to deliver our regional solution, this is the start of another exciting chapter in how we work with our brokers.
To find out more about Keychoice visit www.keychoice.com
This article is an extract from SSP eye issue 10