Junction reveals growth plans

Junction has unveiled plans to grow in a market seen as static by analysts.

Both Mintel and Datamonitor report that the affinity market for insurance is no longer growing and non-insurance brands are now responsible for a stable 24% of the motor insurance market.

Junction however believes through additional new partners and expansion within existing partnerships that it will see its new motor policies grow by 25%.

Their combined three-year compound sales growth target is over 50%.

Managing director Peter Thompson, said: “Aggregator growth and rate rises are continuing to drive an extremely competitive marketplace, but there are still good opportunities for brands not traditionally known for insurance to increase their revenue. By tailor-making each model to the partner and selecting insurer partners accordingly, it’s possible to deliver strong returns.”

Thompson added: “Brand is a hugely powerful tool in the insurance marketplace. Consumers place real trust in a known brand, particularly when the product demonstrably matches up to their expectations of quality. Combining our insurance knowledge with a respected brand can lead to significant gains for our partners.”