The Purple Partnership is showing that there is a market for new networks
When Jelf revealed its plans for the Purple Partnership network in November, there was a mixed reaction in the market.
Some thought it would not work, while others were more forthcoming to the extra competition.
Broker Network chief Grant Ellis said new networks may struggle to meet their targets. “The new ones have got some catching up to do, quite frankly. I don’t see from most of the new offerings that are mooted that they have all understood that,” he said at the time.
Cobra Network chief executive Steve Burrows welcomed the arrival. He said: “It is good to have healthy competition between networks. It brings more into the market and it is inevitable that we would get more networks.”
The early results for the Purple Partnership appear healthy. It boasted ten members at its launch, and hopes to double that by the end of the month. If all goes to plan, it will achieve its year one business targets of £40m in its first month.
Former Westinsure managing director Bob Parkins, now leading the Purple revolution, promised to offer brokers something different to what was already available in the market.
“Although we are a new network, there is still demand for a different proposition to the existing long established networks and alliances,” he said.
“We are now talking to over 70 prospects so what we have created with Purple seems to be generating interest.”
Even though it is the new kid on the block, the rookie of the network arena, the early success of the Purple Partnership is evidence that broker networks are set to be a big hit in 2008.
It could even pave the way for more networks if the signs continue to show that new networks can perform in the current market.
