Norwich Union (NU) is looking to woo mid-market brokers with extra comm-issions and other support.
The insurer is launching a support package for medium-sized brokers and is aiming to sign up 300 brokers to the package by the end of 2008.
NU is targeting brokers that produce between £800,000 and £5m of business for the insurer – amounting to about 550 brokers.
Access to the package, called 110, will be by invitation only.
Brokers will able to earn extra commissions in addition to other benefits, such as compliance and marketing support.
There will also be access to exclusive schemes, such as high net worth and smaller commercial.
Janice Deakin, trading director, intermediary business at NU, said the insurer was looking to sign up brokers which had books of good quality business with the potential to grow.
Deakin said NU was looking to support brokers beyond the largest ones. “We have 4,000 brokers, a strong distribution platform is really important to us. We can’t be too big to care about the rest.”
She said the company was developing plans for smaller brokers that would be unveiled in the second quarter of 2008.
Deakin said the potential to earn more commission had to be linked to growth of a broker’s account. “It has to work for us and the broker. We need to give commission that reflects the value generated.”
She said NU expected commission growth to level off overall in 2008, but not decline. Although she warned that if a broker was not performing then commission might go down.
