Powerplace expands management team: Matthew Reed
appointed CEO
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!”
Media Contacts
Russell O'Connor
Group Communications Manager
Towergate
Mobile: 07760 282586
Email: Russell.o'connor@towergate.co.uk