Keychoice backs brokers with unique regional solution

Keychoice, the insurance distribution business owned by SSP, is creating the market’s first regional solution, bringing exciting new products and services to its broking community to help them win in the market.

This includes building new regional panels for personal lines and commercial lines business, with innovative new core products. Members will also benefit from a series of integrated add-on products, such as the Keychoice RAC fully integrated breakdown recovery scheme. Over 170 brokers have already signed up for this product, with some experiencing a resultant increase in sales of 25%.

Insurers who join the new Keychoice panels will have greater access to high street brokers, one of the most profitable channels in the UK insurance market. As Keychoice products are exclusively available through SSP, its unique position and make up mean its members write highly profitable business for insurers.

With all brokers using the same technology platform, Keychoice provides 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.

Brokers gain a significant competitive advantage from these enhanced-rated products, driving greater adoption. This, in turn, generates greater volumes of data, which enables further fine-tuning.

Ron Atkinson, Distribution Director at SSP, said:
“Keychoice has gone from strength to strength over the last three years, with an additional 40 brokers having already joined in 2017 and a further five signing up at our SSP Broking launch event.

“I am excited by the development of this unique solution that broadens our remit and further ensures our customers’ needs are at the heart of everything we do. As we continue to work with the industry, we are looking to engage with other insurers to deliver the most competitive products to help support our brokers.”

Keychoice: Creating a safe haven in a hardening market

Over the last few months, the UK insurance market has continued to harden, with both SSP and industry data showing a shift in premiums. At the same time, the rise in Insurance Premium Tax has continued apace. Experts predict June’s climb to 12%, which will bring a further upsurge in premiums, is just another step towards a VAT-matched rate of 20%.

This has somewhat put the cat amongst the pigeons for consumers, coming on top of greater regulatory scrutiny of the insurance industry. The legislative changes have created greater awareness in the public domain, drawing consumers’ attention towards ensuring they have the right cover and level of service, rather than just focusing on the cheapest price.

As a result, independent brokers have been in a great position to demonstrate the added value they offer and to capitalise on the engagement and relationships they already have with these customers.

While consumers who buy through non-aggregator channels are generally less price sensitive, as premiums continue to escalate in 2017, the waters are likely to become somewhat muddier. These discerning customers will still need guidance on the right cover for their circumstances, but they’ll also want products that are priced competitively.

As with many aspects of an increasingly digital society, the greatest benefits are realised by working together. While brokers can act collectively through networks, these structures are often unable to deliver the additional and more detailed insight that is required to effectively leverage their commercial buying power.

That is what puts Keychoice, the insurance distribution business owned by SSP, in a unique position. As its products are exclusively available through SSP, the over 500 independent broker members — who control in excess of £1.7bn GWP — all use the same technology platform.

With all member brokers working from a single technology platform, there is a holistic and continuous view within Keychoice of how they are trading. Converting this raw data into meaningful trading insights provides insurers and suppliers with the unique perspective required to fine tune their product performance with existing members, as well as extend and develop their trading footprint to new brokers and territories.

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 and further fine-tuning. So the circle continues…

Over the last year, insurer partners have been able to enhance existing products and bring new ones to market based on untapped latent needs, enabling brokers to be more competitive and increase their revenue. For example, over 150 brokers have signed up for the Keychoice RAC fully integrated breakdown recovery scheme, with some experiencing a resultant increase in sales of 25%.

Combining this data and insight capability with all of SSP’s other technology assets and its continuing investment in the business further drives the best outcomes for both insurers and brokers.

Keychoice is helping brokers to continue surfing the hardening market cycle and remain in a strong position. As a result, they are able to offer a combination of price proximity with good advice and service. With the storm continuing to build in the market, this provides welcome relief for today’s discerning customers, who are seeking a safe haven from the deluge of price increases, jargon and legislative changes to ensure their valuable assets are adequately protected.

First published on bobsguide.

Keychoice 2016 highlights

Keychoice 2016 highlights

Download Keychoice 2016 Highlights PDF

  • New website launched in line with a refreshed focus for Keychoice
  • New partnership with RAC; over 150 brokers signed up for KC Breakdown

“We have increased our sales by 25% since we went live with the RAC product”
– Carlo Frijia, General Manager at Advance Insurance Agencies

    • New partnership with Markerstudy
    • New member joins the team. Daniel Watson joined the dedicated Keychoice broker support team in August, providing telephone support to members
    • 74,000 views of Keychoice tweets
    • New member joins the team. Scott Holmes joined the insurer relations team in October to help develop the Keychoice insurer partnerships
    • 25 new members
    • New partnership with Paragon
    • New product: AXA Car
  • More than 30 Keychoice products providing exclusive benefits
  • New product: Zenith Car
  • New product: Zenith Marque Car and Commercial Vehicle
  • New Product: AIMS guaranteed replacement on vehicle add-on
  • Almost 300 new followers on Twitter and LinkedIn

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

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 bringing 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

Keychoice to influence the future of distribution with new team

Keychoice, the distribution business owned by SSP, has recruited a new team as it launches its next phase of growth and evolution.

The move is just part of the revitalisation of the Keychoice proposition, and reinforces its commitment to delivering exciting new products and services that will help its brokers win in the market.

Together the new team consisting of Liz Mitchell, General Manager, Claire Faulding, Strategic Development Manager, and Ron Atkinson, Head of Insurer Relationships, has over 60 years’ experience working in the broker and insurer distribution arena.

Mitchell joins from BGL, Faulding from Marsh and Atkinson from Swinton.

The Keychoice business moved into the direct control of Adrian Coupland, Managing Director, Data and Distribution, at SSP, earlier this year, when SSP realigned responsibility for all its intermediated relationships and data strategy under his remit.

Speaking about the new team, Coupland said:
“I am delighted with the team we now have in place. They all have outstanding track records of building relationships and maximising commercial opportunities, so their knowledge and experience will be vital in bringing value to our broker base. We have worked very hard to revitalise the Keychoice business and proposition over the past six months, and the fruits of our labour will be evident in the coming weeks.

“We have used our position in the insurance value chain to augment the Keychoice proposition and business. Our member brokers are highly profitable for insurers, and they deserve to be rewarded for their quality books of business. Through the use of our data and insight, as well as negotiating great products, that’s exactly what will happen. We are taking Keychoice back to the future.”