It categorises its brokers into Platinum, Gold, and Silver
Buckinghamshire Building Society has developed a data driven approach that allows it to fully segment brokers based on the volume and type of business they bring to the society.
By assessing brokers’ current and past behaviour, the building society said it can communicate to its broker network across England and Wales in a more targeted and relevant way, allowing them to recognise and reward those brokers placing the most cases with them.
Buckinghamshire has categorised its brokers into three segments – Platinum, Gold, and Silver.
Platinum partners will 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.
Buckinghamshire will also work closely with brokers within the Gold and Silver segments to better understand their needs and establish how they can be helped with potential cases in the future, with the hope to progress them through the segmentation model over time.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, explained that the segmentation model has been her “passion project” since joining the society in 2020.
“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,” Askham said.
“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,” she added.
“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,” Askham continued.
