Consolidator’s new retail chief teams up Your Insurance with Comparethemarket for SME trading
Towergate is aiming to boost its premium income by £100m within two years by selling SME products directly to customers on Comparethemarket.
Towergate is the first consolidator to make the commercial jump to the aggregators. It will offer lines that cover commercial packages, liability, commercial and let property, restaurants, surgeries and offices.
The consolidator's direct commercial website, Your Insurance, will be the brand that appears on Comparethemarket. The brand’s products are underwritten by a panel including Zurich, Ageas, Groupama, LV=, RSA, Towergate Underwriting and NIG, and the site is led by managing director Robert Rees.
Towergate retail division chief executive Jonathan Walker – promoted after deputy chief Amanda Blanc left for AXA – said: “We believe this deal will illustrate that technology and other perceived threats to brokers can be embraced. Our contact centre will bring a personal broking service to an online audience.”
Your Insurance will go head to head against rival online intermediary Simply Business, which is used by GoCompare and Confused.com.
The two aggregators said they had no immediate plans to allow the consolidator on their websites. A Confused.com spokesman said: “We’ve been offering this service to SMEs for more than three years in partnership with Simply Business. We pass on leads to them and they work with a range of insurance providers for SMEs.”
Biba technical and corporate affairs executive Graeme Trudgill said brokers could not ignore the opportunities of selling SME products online, as several insurers were already using this route to sell directly to customers.
He added: “Brokers need to occupy that space, and it’s good that we’ve got a high-quality broker in there at the start of it all. We’ve got to be realistic; this is happening.”
Comparethemarket commercial director Jeremy Moll said: “By working with Towergate, we are confident our SME customers will be given a buying experience in line with our expectations, providing choice, flexibility and great service.”