Broker's deal with Norwich Union feeds inquiries through new panel
BDML Connect is to pick up over three million failed leads per year under an exclusive deal with Norwich Union.
The broker will feed inquiries from Norwich Union Direct (NUD), Norwich Union Partnerships and the Hill House Hammond run-off through a dedicated panel of insurers, thought to mirror BDML's existing panel.
BDML Connect chief executive Sandy Dunn said: "We believe this is a huge opportunity for the rest of the market- place and we have been really impressed by the support we have had from our panel insurers."
One insurer missing from the new set up is NIG which is currently in dispute with Norwich Union over ownership of Hill House Hammond policies.
Dunn said: "From a BDML point of view I am very disappointed NIG is not there. We would like it to take part."
The deal will operate on a shared commission basis with Norwich Union receiving payment on a policies sold basis rather than for each lead.
The three strands of business are expected to total over three million inquiries per year with the majority coming from Norwich Union Direct.
Dunn said: "We would expect to achieve a conversion rate of about 15% on the Norwich Union Direct leads where the customer is normally very price sensitive.
"On the partnership business we would expect a slightly higher conversion of around 20%."
Though the agreement is originally lined up to run over three years, both parties are thought to be looking at a long-term solution if successful.