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Keychoice and RAC extend relationship with specialist products

Keychoice, the insurance distribution business owned by SSP, is pleased to announce the extension of its long-term relationship with the RAC for a further five years. This will see the RAC continue as its exclusive breakdown partner until early 2024.

The new deal underlines Keychoice’s commitment to nurturing longstanding partnerships with market-leading brands, and the development of additional products through these partners to drive further benefit and value for its members.

Following the success of RAC car, van and bike breakdown, Keychoice is broadening its members’ product portfolio with the introduction of five specialist breakdown products, as well as RAC motor legal expenses and RAC top-up loss insurance.

Keychoice’s broking community has shared that their customers have asked for more commercially-orientated RAC breakdown and motoring products. To meet this demand, brokers who are Keychoice members will be able to offer cover for taxi, motorhome, minibus, courier vehicle and taxi minibus breakdowns. This includes recovery of the vehicle to a single destination anywhere in the UK and onward travel if the vehicle can’t be repaired at the roadside.

With RAC top-up loss insurance, if a customer’s vehicle is written off, they will be paid 25% on top of their insurer’s settlement figure. This additional payment helps to top-up any shortfall in the price paid for the vehicle versus its current market value. This is particularly pertinent for self-employed individuals, for whom their vehicle is their business.

Ron Atkinson, Distribution Director at SSP said:
“I’m delighted to have extended our partnership with the RAC, which is testament to the strong relationship we’ve already built up.

“Keychoice members are set to have access to a total of ten products from a leading brand with an excellent reputation and customer service, and we have a number of other ancillary products in the pipeline. As a result, brokers will have the flexibility and functionality to keep their customers on the road, both for pleasure and business.”

Richard Fuller, Head of Partnerships at the RAC said:
“SSP is a trusted strategic partner, so it’s great to be able to announce a new long-term arrangement with its Keychoice distribution business.

“Keychoice enables us to connect with hundreds of high street brokers at once, all of whom can offer their customers more tailored motor cover. My team and I look forward to working with Keychoice to develop, in partnership, innovative new products that continue to deliver value to its brokers and their customers.”

Keychoice chooses RAC as exclusive partner for motor breakdown services

Keychoice, the insurance distribution business owned by SSP, has signed a new deal that will see the RAC become the exclusive partner for motor breakdown. From early next year, brokers who are Keychoice members will have exclusive access to a fully integrated breakdown recovery scheme for cars, vans and motorbikes from the UK’s most experienced breakdown provider. In addition to working with a company that has been providing exceptional service for almost 120 years, Keychoice members will benefit from an exclusive discounted net rate.

The scheme enables Keychoice members to provide cover for vehicle breakdowns that occur at the driver’s home, anywhere in the UK and in 48 countries across continental Europe. Other features include recovery of the vehicle to a single destination anywhere in the UK and onward travel if the vehicle cannot
be repaired at the roadside.

Keychoice has selected to work with the RAC following an extensive review of the breakdown services market, as the company offered the best rate for its members. The brand’s reputation and customer service were key decision items, as consumers prefer to buy from a brand they recognise and trust.

The Keychoice business helps member brokers win in the market through better and more competitive products, making them highly profitable for insurers. With quality books of business, Keychoice brokers control around £500m of motor GWP.

Liz Mitchell, General Manager, Keychoice said:
“Our partnership with the RAC is part of an exciting new chapter in how we work with our members. We have strengthened our team and revitalised the Keychoice proposition in preparation for the next phase of growth and evolution, and this is the first of many new exciting products to come.”

Richard Fuller, Head of Commercial Sales at the RAC 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 distribution business. 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.”

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RAC extends relationship with Keychoice to launch specialist products

The RAC are pleased to announce the extension of its long-term relationship with Keychoice, the insurance distribution business owned by SSP, for a further five years. This will see the RAC continue as its exclusive breakdown partner until early 2024.

RAC extends relationship with Keychoice

The journey so far

Since launching in 2016 policy volumes for car, bike and van breakdown have grown significantly with over 30,000 policies sold and 200 keychoice members signed up to sell the products.

Feedback from the Keychoice community 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 120 years. The exclusive deal with Keychoice offers access to discounted net-rated products via a fully integrated Keychoice scheme through SSP’s broker systems.

New Products Launch

Following the success of RAC Car, Van and Bike, we are broadening our product portfolio through the introduction of five specialist breakdown products, as well as RAC motor legal expenses insurance and RAC top-up loss insurance.

The new deal underlines the RAC’s commitment to nurturing longstanding partnerships with market-leading brands, and the development of additional products through these partners to drive further benefit and value to its members.

Shortly brokers who are Keychoice members will be able to offer cover for taxi, motorhome, minibus, courier vehicle and taxi minibus breakdowns.

With RAC top-up loss insurance, in the event a customer’s vehicle is written off, our product will pay the customer an extra 25% of their insurer’s settlement figure on top of the insurer pay out amount. Helping to ‘top-up’ any shortfall in price paid for the vehicle versus market value. This is particularly pertinent for self-employed individuals, for whom their vehicle is their business.

Ron Atkinson, Distribution Director at SSP said: 
“I’m delighted to have extended our partnership with the RAC, which is testament to the strong relationship we’ve already built up.

“Keychoice members are set to have access to a total of ten products from a leading brand with an excellent reputation and customer service, and we have a number of other ancillary products in the pipeline. As a result, brokers will have the flexibility and functionality to keep their customers on the road, both for pleasure and business.”

Richard Fuller, Head of Partnerships at the RAC said:
“SSP is a trusted strategic partner, it’s great to be able to announce a new long-term arrangement with its Keychoice distribution business. Keychoice enables us to connect with hundreds of high street brokers at once, all of whom can offer their customers more tailored motor cover. My team and I look forward to working with Keychoice, to develop in partnership, innovative new products that continue to deliver value to Keychoice brokers and their customers.”

Sign Up

If you haven’t already taken advantage of the Keychoice breakdown products, you can gain access by visiting www.rac.co.uk/keychoice

Spotlight on Keychoice: RAC 6 months on as exclusive partner for motor breakdown services

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