Buckinghamshire Building Society has developed a new data driven approach, allowing it to segment brokers based on the volume and type of business they bring to the Society.
By more deeply understanding brokers current and past behaviour, the Society says it can communicate to its broker network across England and Wales in a more targeted and relevant way, allowing it to recognise and reward those brokers placing most cases with the Society.
The mutual has categorised its brokers into three segments – Platinum, Gold & Silver. Platinum Partners will be invited to have access to a range of exclusive benefits such as VIP DIPs, and dedicated access to key account managers and underwriters. In addition, Platinum brokers will enjoy exclusive offers and limited edition products as well as the opportunity to attend exclusive events held by the Society.
The Society also aims to collaborate with its Platinum Partners, to open up a two way communication channel and by developing relationships with brokers, Buckinghamshire Building Society will be better positioned to offer support to its full intermediary network.
It says it will also work closely with brokers within the Gold and Silver segments to better understand their needs and establish how it can help them with potential cases in future, with the hope to progress them through the segmentation model over time.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “This segmentation model has been a passion project of mine since joining the Society in 2020 so it is amazing to see it come to life.
“The idea that we use data driven insights to help us develop a product offering and reward our most loyal brokers is something I am excited to see evolve and develop over time. By understanding more about who our brokers are, the types of cases they bring to us as a Society and what their needs are, opens up a conversation and enables us to respond to those needs in terms of service offering and product development.
“We are working hard to keep the offering compelling in a phased approach and we are confident the benefits of this initiative will be mutually beneficial to us as a Society, our full broker network and their clients.”