Products: Market focuses on online potential
Harnessing the power of technology has been a key theme across the market in the past few weeks. Perhaps most eye-catching were the pronouncements after the acquisition of PowerPlace by Open GI. Nick Giddings, CEO of PowerPlace, revealed that the new combined entity planned to provide an enhanced proposition to serve the volume SME sector.
In particular he highlighted how PowerPlace would be building on its SME standards and combining them with a broker-based B2C online proposition in conjunction with an insurer-facing underwriting solution.
Mr Giddings explained: “The product standards lend themselves to B2C distribution and will allow our broker partners to not only protect their market share but to grow it by enabling efficient, comparative trading and satisfying the increasing consumer demand for online access.”
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