Following Open GI's acquisition of PowerPlace, Group CEO Chris Guillaume has today announced plans to provide insurers and brokers with an enhanced proposition to serve the volume SME sector.
At a press conference, held today, Chris Guillaume and PowerPlace CEO Nick Giddings shared plans as to how PowerPlace would be building on the standards it has set for SME and augmenting them with a broker-based B2C online proposition in conjunction with a dynamic insurer-facing underwriting solution.
Commenting on the new strategy, Nick Giddings stated: “In the last four years PowerPlace has established itself as the accepted standard for SME in the market. We’re approaching £100m of annualised premium across 15 SME lines and have the backing of more than 1,200 brokers and 13 insurers. PowerPlace is different in that it’s designed for today’s SME consumer. The product standards lend themselves to B2C distribution and will allow our broker partners not only to protect their market share but to grow it by enabling efficient, comparative trading and satisfying the increasing consumer demand for online access.
“Our strategy of offering key brokers free, branded, quote-and-buy B2C websites is a natural progression and only possible with technology from Open GI.”
Chris Guillaume, added: “PowerPlace and Open GI are a natural fit and our strategy is a simple one: build on the existing benefits PowerPlace offers to brokers whilst providing access to new distribution channels for the whole market.
In parallel we'll be enabling insurers to control, manage and distribute their products via a web-based, PowerPlace underwriting solution. This will enable them to build once and distribute to multiple channels.
For the low premium, low margin SME sub-sector this will take PowerPlace to the next level and further cement it as the standard for SME trading.”