New contenders enter broker network arena

Two new broker networks are set to launch, increasing competition for brokers’ signatures in an already crowded space.

Software provider SSP is forming Keychoice Distribution, which will give brokers access to services including compliance, support and lead generation. The new network will also include the services of SSP, its managing general agency Keychoice Underwriting and its IT and service provider Keychoice Network.

Keychoice Network already gives brokers better deals with insurers and access to more markets. Insurers and brokers can still use SSP without having to sign up to Keychoice Distribution, of which Jonathan Davey will be managing director.

The general network market remains competitive, with member poaching growing.

Elsewhere, motorcycle insurance specialist MCE has also expanded into the broker network arena.

MCE Enterprise will be a network for personal lines start-up brokers, concentrating on niche areas.

To join, brokers will need a team of at least six people that have worked together before, as well as 25% of the start-up capital required. MCE would provide the rest of the capital. Brokers would need to stay with MCE Enterprise for three years.