PowerPlace today announces the strengthening of its management team with the appointment of Matthew Reed as its new Chief Executive Officer which reflects the successful growth of the business and continuing development of its strategy.
Matthew’s appointment is effective from October 1st and he was formerly Sales & Marketing Director for Towergate Risk Solutions having joined in 2008.
Since its launch earlier this year over 300 brokers have signed up to PowerPlace which has so far reached an annual premium run rate in excess of £20m, with monthly new business levels of over £1.5m. Towergate Partnership Executive Chairman, Peter Cullum, expects the business to be writing £100m GWP by the end of 2010.
Insurer interest in PowerPlace continues to increase, and they expect to be adding shortly to the seven leading insurance providers (LV=, NIG, Zurich, Groupama, Fortis, MMA Insurance and Towergate Underwriting) and their 30 live products.
Peter Cullum said, “Our team has done a fantastic job of establishing PowerPlace as a revolutionary proposition that really delivers – we’ve seen first hand from rolling it out in our own broking offices. PowerPlace has quickly achieved critical mass and have new insurers in the pipeline with specific product builds in play. This means we are in a position to focus more on a steep growth curve so the time is right to bring in additional sales focus. Matthew has already made a difference to our retail business and has the drive to help PowerPlace fulfil its enormous potential.
I’m not a ‘techie’ but I have to say that, in my 30-odd years in the business, I have never been so excited about technology – this will impact the whole market place”
PowerPlace CEO Matthew Reed said, “I was enjoying my previous role, but this is simply not the sort of opportunity you can refuse – PowerPlace really will change so many brokers’ lives. It won’t be too long before we all look back and ask how we managed to cope for decades with the labour intensive processes most brokers endure for commercial business. Full EDI for Commercial lines exists within PowerPlace and signals a major leap forward in saving on process costs and, crucially, delivering a much improved customer service – a powerful combination!”