Insurer targets 40 new distribution opportunities
Groupama could be set for a £40m boost to its gross written premium (GWP).
Distribution and customer services director Amanda Blanc said at the Biba conference that the insurer had "a list" of about 40 new distribution opportunities, each worth "£1m plus" in GWP.
She said the opportunities had arisen as a result of discussions with intermediaries about its new distribution strategy.
"It's working, I think we've done the right thing," Blanc said of the strategy.
Groupama recorded GWP of £500m in 2003. Blanc said the strategy had also been boosted by the addition of Andy Heap, who joined Groupama from AXA two weeks ago, to the team.
Heap, who is head of customer propositions, is responsible for managing the insurer's e-commerce strategy, product development and broker proposition support.
Part of Heap's product development responsibility involves formulating non-insurance products that will help brokers to differentiate their offerings from the competition.
Blanc said the proposition would be tailored for each broker.
Groupama would help brokers implement the additional services rather than just provide them with products, Heap said.
As an example, he said that if Groupama were to provide marketing support to brokers, rather than simply offering them access to a consultant, the company would help implement any change in strategy.
"We will do it on your behalf," he said. "What I didn't want to do is what is offered elsewhere."
Heap said the strategy was part of Groupama's proposition to help brokers "win and retain customers".
Groupama recently signed new distribution deals with Towergate Stafford Knight Entertainment and Composite Legal Expenses.