Posted on May 25, 2010 by Sergio Ulloa
PowerPlace has struck a deal to add the commercial combined product for Small and Medium Enterprise (SME) business from Allianz to their online insurance marketplace. PowerPlace, based in the UK, has built a compelling model to do online distribution of insurance products and provide support to brokers through imarket.
The Allianz Group has made a commitment to invest in the functionality of the underlying technology employed by PowerPlace, which overall is perceived as being a very attractive distribution partner, therefore aligning seamlessly with their SME strategy to participate in the competitive online market and bring support to brokers by facilitating quicker trades of their products.
PowerPlace had been wanting to get Allianz on board for some time, and having them taking part in their digital marketplace strengthens the value of their proposition to brokers, whilst making a step further in the direction of becoming a true one-stop online supplier of commercial insurance products.
Brokers using or planning to use PowerPlace will now have access to a wider range of products at competitive rates, plus the market-leading commercial combined product from Allianz.
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.
PowerPlace provides e-market commercial products to brokers using a web based trading platform, powered by Open Trader. Brokers can obtain comparative quotations for a wide range of products and insurers, quickly and easily. PowerPlace also saves time and money, and is the most cost effective way to trade for Open GI users*. PowerPlace is fully integrated with the Open GI back office system. Common question sets have been specially agreed with insurers for each product to ensure that the minimum number of questions are required to obtain a range of competitive quotations. The products available through PowerPlace are backed by leading UK insurers, attract higher rates of commission and allow brokers to choose the premium they need.