Broker Network raises the bar in network war
Many people have predicted that 2008 would be the year of the network, and so far it has lived up to the expectation.
The battle to increase membership has seen networks take action by launching new projects as they attempt to go one step better than their rivals.
The latest move sees the Broker Network launch an associate membership for brokers of all sizes, who can taste the benefits of being in a network before making the commitment of becoming a full member.
In recent weeks, the Purple Partnership has launched a club membership to allow brokers to use its services whilst exiting other networks. The Willis Commercial Network has launched the Willis N2 for small brokers and Cobra also launched a new network, Cobra Genesis, for start-up brokers.
Broker Network chief executive Grant Ellis said the launch of the associate membership outlines the networks plans to keep growing and keep competition healthy.
By allowing any broker to test the network before joining, it could attract a raft of new members.
However, they must also be fearful that brokers could join as an associate member and then immediately join another network. Particularly as they are offering the first 50 members that sign up a ‘golden hello’ by giving back 1% of their annual gross written premium, up to a maximum of £10,000.
Ellis also revealed that acquisitions could also form a part of its growth plans, and has held talks with other networks and brokers.
And he confirmed talks with Plymouth based network Westinsure, but raised concerns over any potential deal. “The problem is it is split amongst so many small share holders, he said.
He added: “We have never made a secret of the fact that we are keen to grow our network. As part of the Towergate network division my job is to talk to other networks out there.”
The network arena waits in anticipation.
