SSP’s insurance distribution business has tapped
Plum Underwriting to help Keychoice brokers to cover non-standard risks.
Seen as a win-win deal for the insurance technology giant and the underwriting agency, the partnership will see the SSP unit process risks they might otherwise have not been able to place while the specialist home insurer will gain greater access to regional brokers by joining Keychoice.
Backed by Lloyd’s capacity, Plum Underwriting’s team has extensive knowledge of the risks involved – including homes built from non-standard materials and those unoccupied for extended periods, as well as cases such as the owner having an adverse claims history or being declared bankrupt.
“I am delighted to be working with Plum Underwriting,” commented SSP distribution director Ron Atkinson. “The partnership enables our members to offer cover for a range of non-standard properties that mainstream insurers often lack the specialist knowledge to effectively quote for, while benefitting from exclusive discounted rates.”
Meanwhile Plum Underwriting will also have a continuous view of the performance of its non-standard home insurance product since all Keychoice members work from a single technology platform. This will facilitate product fine-tuning and, in turn, drive greater adoption among brokers, resulting in added data for further enhancement.
“Joining Keychoice enables us to work with the traditional high-street brokers that we wouldn’t otherwise have access to, and efficiently allows us to trade with up to 500 brokers through a single partner,” said Simon Lewer, business development director at Plum Underwriting. “Given the proven track record of Keychoice members in writing highly profitable business for insurers, this is a fantastic opportunity for us.”
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