KennCo appoints Mark Reddy
Head of Broker Development at KennCo
We are pleased to announce the appointment of Mark Reddy as Head of Broker Development at KennCo. Mark has 40 years experience in the Insurance sector with particular expertise in Broker Relationship Management. During his career he has held many Senior Management positions in the industry and he brings with him an invaluable wealth of experience and knowledge.
Mark is a Certified Trainer and a Guest Lecturer at Dublin Business School. He also runs his own training and business development consultancy delivering regular workshops for IBA Members and providing skills coaching and tutoring in a wide range of Sales & Marketing disciplines.
Mark’s stated mission is to assist and ensure that Brokers are the preferred channel for consumers when dealing with all their insurance requirements.
A passionate advocate of the services that Intermediaries provide for Consumers, he considers himself to be ‘The Broker’s Broker’.
Insurance…the road ahead
There is no doubt that recent years have been extremely difficult for Brokers but, due to unfailing resilience, they have survived the heavy challenges of sometimes frenzied low price sales tactics by a number of players, particularly in the personal lines area.
For very obvious reasons the ‘pile ‘em high’ approach to growth doesn’t work at all in the insurance business. Discounting to attract volume does not reduce the incidence or the cost of claims. However, a number of misinformed decision makers in the market failed to observe these facts and as a consequence, they lost their shirts. In fact in some cases, they actually bust their companies. Compounding matters, their irresponsible actions sparked a nationwide decline in the reputation of an industry that for centuries has been a financial backbone for individuals, businesses and indeed the entire economy.
Currently the Insurance sector, the motor line in particular, is in the media spotlight where another obvious lack of understanding of the insurance business exists. Negative commentary is widespread and further reputational damage is fueled through misinformed reporting. Government officials are on the bandwagon ‘to remedy the problem of rising premiums’, not understanding at all that in order to be able to pay the incurred claims, the appropriate premiums must be collected by insurers in the first place. They too are undermining the sector and of course negatively affecting consumer perception.
Of course increased legal awards and fraud are also contributing to the issue of rising motor insurance costs, but when inadequate, unprofitable premiums are already the root of the losses, these matters are merely adding to the overall problem, not specifically causing it.
Underpricing is hopefully now gone from the market forever and will not be repeated. It has certainly damaged the industry and much work will be needed to restore consumer confidence and actively demonstrate the value that the industry genuinely delivers.
The positive news is that an opportunity now exists for Brokers to return to the fore in providing advice, guidance and customer service together with professionally articulating the true attributes of the business.
To Brokers I strongly recommend a distribution process and technique that will assess needs, prescribe solutions, give advice and genuinely help each consumer to buy the right cover.
- Never copy the ‘one size fits all’ technique, because it doesn’t work.
- Don’t paint yourself and your customers into a corner by only providing the cheapest, because that doesn’t work either.
- Never incur hidden operational cost by allowing unnecessary churning of business for minimal amounts as that too will damage reputation and only serves to misinform policyholders on the real priority in selecting an insurance contract.
- And finally, do not become more price sensitive than your customers – it ruins businesses.
Consumers will gladly pay for market knowledge, advice, good service and expertise – you have it – show it!
At KennCo the core philosophy has always remained the same and the objective is to provide service, stability and security for both policyholders and their Brokers. KennCo products offer flexibility with selective cover options that meet individual customer needs. In addition, an in-house claims service is provided that prides itself on fairness, efficiency and most of all, customer satisfaction.
These are compelling facts that make the KennCo proposition extremely attractive from everyone’s perspective.
If you like strong business relationships, exceptional service, access to decision makers, quality underwriting and getting the job done properly, we’re well suited for the road ahead…………………….. So let’s do business together..…..properly!
Qualtiy Capital Providers
KennCo prides itself in partnering with carriers who provide peace of mind and security through having proven a track record and a healthy and sustainable financial strength.
MAP – Underwriting at Lloyds : Managing Agency Partners Ltd is an independent, and largely employee owned agency underwriting in the Lloyd’s of London insurance market through its Syndicate 2791.
Formed in 2000, it has rapidly established itself as a leading underwriter in each of the classes of business in which it specialises.
AXA Insurance Ltd. : AXA are one of the top three insurance groups in the world and are one of Irelands largest and oldest Insurance Companies. They are the fifteenth largest stock exchange quoted company in terms of revenues.
AXA have an “AA stable” financial rating. Headquartered in Paris, they employ 175,000 staff all around the world and offer financial protection to more than 67 million people.
Axiom Underwriting Agency Ltd. : Axiom Underwriting Agency Limited act for and on behalf of ETI – International Travel Protection, the United Kingdom branch of Europäische Reiseversicherung A.G., an Ergo Group Company incorporated and regulated under the laws of Germany.
DAS Group : DAS is Ireland’s largest Legal Expenses Insurer and is both a member of the Irish Insurance Federation and the Insurance Ombudsman of Ireland scheme. DAS Ireland is a branch of DAS UK, the pioneer of the UK’s legal expenses insurance market.
ERGO : ERGO is one of the major insurance groups in Germany and Europe. The Group is represented in over 30 countries worldwide and concentrates on Europe and Asia. ERGO offers a comprehensive spectrum of insurance services.
In 2013, ERGO had premium income in excess of 18 billion euros.
ERGO is part of Munich Re, one of the leading reinsurers and risk carriers worldwide and is rated by S&P as A+ and by AM Best as A+.
KennCo Quality
QUALITY CLAIMS SERVICE
An integral part of providing a truly professional insurance service lies in the level of quality and customer satisfaction delivered when a policyholder has a claim.
KennCo strives to attain the highest standards in this most important area through its customer focused and locally based claims service.
QUALITY SYSTEMS & PROCESSES
A strong commitment to delivering the very best for Brokers and Policyholders is evidenced in KennCo’s ISO9001 accreditation, ensuring consistency and efficiency in every aspect of the business.
QUALITY PERSONNEL
Every staff member at KennCo is qualified in accordance with the requirements of the Minimum Competency Code, trained to the highest standards and committed to being at your service. Technical and personal skills are constantly reviewed to identify areas for further improvement in the distinct interests of ensuring service excellence and performance quality for our Broker network.
QUALITY PRODUCTS
All KennCo products are designed to provide cover options enabling a tailor-made solution for every customer.