Joining forces: Why consolidation is good for business
Underwriters MECON and Winsure Insurance Group are joining forces – in the latest indicator that consolidation is growing within the industry. We speak to Matthew Boon of Winsure and Glenn Ross of MECON for the strategy behind a merger.
Video transcript below:
Donna Sawyer, Insurance Business Online
Donna Sawyer: Underwriters Mecon and Winsure Insurance Group are joining forces in the latest indicator that consolidation is growing within the industry. Matthew Boon of Winsure says the merger made good business sense.
Matthew Boon, Winsure Insurance Group
Matthew Boon: Both companies had very similar philosophies and where we felt we needed to be as an agency within the marketplace, those philosophies were very well aligned. We had similar goals, we are very focused on our benefits to our staff, which were very similar, the ability to create additional branches via the Mecon infrastructure from a Winsure aspect was already in place and vice versa for Mecon, the additional products that Winsure could provide to the group as well.
Glenn Ross, MECON Insurance
Glenn Ross: Mecon and Winsure currently have brokers in common, we are not looking to rationalise the number of brokers that we have. In fact we are looking to grow that base of broker business.
Matthew Boon: We are not going to make any drastic decisions or rush decisions in regards to how the overall structure will be. We are very much keeping in mind the needs and expectations of our staff and also our broker market. That will largely drive the time frame and also how we structure moving forward.
Donna Sawyer: Glenn Ross of Mecon says even though it’s early days, both companies are committed to the continued growth of the new entity.
Glenn Ross: We certainly do have some very young plans to expand our product base, but also to expand into other regions and areas.
Matthew Boon: You create additional opportunities for our staff. We have already seen benefits or potential opportunities or to say in regards to potential new product offerings, potential new branches as well within the network. We are obviously investigating those to see which ones provide additional benefits and advantage to not only our staff but also our broker partners.
Donna Sawyer: So how will the merger impact brokers? Matthew Boon of Winsure says with the product range expansion comes more opportunities for brokers to cross sell.
Matthew Boon: With the broader branch network, this creates additional products to all branches. From day one we have already seen benefits for cross selling opportunities from all those branches, from both Mecon staff and Winsure staff. The additional infrastructure creates better service.
Donna Sawyer: This is Donna Sawyer reporting for Insurance Business Online.