Sterling Insurance Group is the latest insurance provider to join the SSP Keychoice distribution platform, offering a bespoke product targeted at the emerging wealth market. The new Executive Living product will be launched on 1 June and offers exclusive access to all brokers using SSP systems, including members of the Keychoice platform.
The product is aimed at individuals who may need contents insurance of up to £150,000, extending the reach of Sterling beyond its traditional High Net Worth (HNW) customer base. Making the product available on Keychoice will allow brokers to offer more choice to customers who may previously have been underinsured or not eligible for products providing higher levels of cover. This proposition is supported by Sterling’s award-winning claims service.
Adrian Coupland, Managing Director, Data and Distribution at SSP, said: "SSP Keychoice helps independent brokers and intermediaries to compete more successfully, with improved access to the market and products tailored to the specific needs of customers. We’re delighted to add the new Executive Living product to this offer, building on our successful partnership with Sterling."
David Sweeney, Director – Personal & Commercial Insurance at Sterling Insurance Group, commented: "The SSP Keychoice platform broadens our distribution reach and allows us to take what we are already doing well and expand it into a new and growing segment of the market. This exciting next stage in our partnership with SSP demonstrates our commitment to growth through continuing to offer choice and providing excellent service to our valued customers."
New white paper from SSP highlights increased demand for financial advice online
A new white paper by SSP, a leading global provider of technology software solutions, reveals that despite the rapid change and demand towards digitisation, the majority of financial advisers in the UK still prefer to service customers through traditional channels. Research conducted by SSP shows that, surprisingly, over half of advisers (56%) have no plans to implement a digital strategy in the coming year.
However, SSP found that almost half (49%) of UK professionals would consider paying for financial advice that is delivered online, which emphasises there is a growing need for an omni-channel approach to customer engagement.
This is clearly something that needs to be addressed. Given the prolific adoption of smartphones and tablets, particularly among the growing Generation Y, there is increasing demand from customers requiring financial advice that is delivered online.
SSP’s white paper calls for financial advisers to start putting in place the building blocks to ensure they are digitally relevant in the lives of their customers. SSP is encouraging financial advisers to focus on providing omni-channel advice and adopt a flexible technology platform, which can ensure advisers reach the right clients through the right channels.
Shaminder Gill, Head of Strategy and Proposition at SSP, said:
"The digital age is truly upon us. Digitisation is driving significant changes which are starting to be felt in the financial services sector. As the world continues to rapidly adapt to meet the changing consumer demands, financial advisers will also need to evolve to reflect the market conditions and be able to remain competitive in today’s marketplace.
We, at SSP, are continuing to make significant investments in our solutions. This allows financial advisers to benefit from new technology and functionalities across a range of channels, insuring they have systems in place to offer advice more effectively and reach a wider audience."
SSP has strengthened its distribution and data division with the appointment of Ron Atkinson as Head of Insurer Relationships.
Reporting directly to Adrian Coupland, Director, Data and Distribution, Atkinson will be responsible for all personal and commercial lines insurance relationships across SSP in the distribution space.
As the balance of power continues to shift towards consumers, insurers need to adopt new models to maintain their profitability. Atkinson's knowledge and understanding of the new insurance industry that is emerging will help SSP's clients adapt and put customers at the heart of their business.
As insurers look to adopt a customer-centric approach, there is a wealth of knowledge available that can deliver greater insight on each individual and business. By augmenting clients' risk details with a plethora of data from third party sources and existing data warehouses, insurers can gain a greater understanding that enables them to benefit from better pricing sophistication, enhance the journey of their customers and reduce fraud levels.
In addition, with the Data Services, Insurer Relationships and Keychoice teams together in a single trading division, insurers can take full advantage of a market-leading distribution channel, as well as SSP's data access and expertise, its 42% market share and the Keychoice distribution asset.
Atkinson's appointment has led to further changes in the operating structure of the Data and Distribution division, with Jason Moseley taking on the role of Head of Partner and Data Services. The new position will enable Moseley to focus on taking SSP's data propositions and offerings to market, as well as helping to create new data-led products to keep customers ahead of the curve in a changing market.
"Having worked for Swinton since 1984, including within the Insurer Development Team, I am looking forward to using my knowledge and expertise to help SSP build a market-leading position in the distribution space," Atkinson said.
Speaking about the appointment, Adrian Coupland said: "With over 30 years' experience in the insurance industry, Ron brings with him a first class reputation. He is joining SSP at a very exciting point, as we embark on the next phase of growth and evolution."