RAC Insurance establishes in-house broker

RAC Insurance has set up its own personal lines broker to accelerate growth and hit gross written premium of £300m by 2023. Telematics motor insurance will be offered first, with van and home insurance propositions to follow. RAC Insurance has appointed CDL as its technology provider. Europa Group will provide policy administration services and a branded contact centre.

Marcus Latchford, head of RAC Insurance, said: “Having run a fully outsourced insurance operating model for these products for many years, this represents a material shift in our insurance strategy. By setting up our own broker and taking direct control of key parts of the value chain, we now have far greater ability to differentiate our propositions and pricing to unlock the significant growth potential we see for RAC in these markets.

“Innovation in pricing and data are central to our plans for the new broker. By developing our own pricing models and working directly with insurer partners, we’re able to utilise the RAC’s wealth of unique data assets to improve risk selection and offer customers much more competitive prices.

“We will also benefit from a digital-first operating ethos with simpler, more intuitive journeys that are optimised for customers purchasing online and via the aggregator channel, as well as a new self-service centre enabling customers to better manage their policies online.”

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