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Bank makes first entry into broker market

by James Mitchell5 minute read
Bank makes first entry into broker market

An Australian bank has announced its entry into the broker channel after partnering with an established third-party player late last year.

Firefighters Mutual Bank’s entry into the broker market comes after its successful merger with Teachers Mutual Bank Limited in November 2016.

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The first two brands, being Teachers Mutual Bank and UniBank, successfully launched in the broker channel in 2013 and 2016 respectively.

“This is an ideal time to have another reputable niche brand enter the broker market under the Teachers Mutual Bank Limited banner,” Teachers Mutual Bank’s national manager of third-party distribution Mark Middleton said.

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“We anticipate that brokers will be keenly interested in what Firefighters Mutual Bank have to offer to the market,” he said.

The Firefighters Mutual Bank brand has seen a quick entry into the broker market since its November 2016 merger with Teachers Mutual. Mr Middleton said this reflects an increased demand among brokers for new opportunities to reach customers in niche markets.

“The 2016 submission and settlement results that we have seen through our existing third-party distribution channels have consistently outpaced our monthly market expectations,” he said.

“To have Firefighters Mutual Bank entering at this time means that we can capitalise on this busy trade period and have a strong launch for this new brand.”

Mr Middleton explained that the mutual bank’s entry opens up the 7,400-strong firefighting and emergency services market across Australia.

By entering the broker market through Teachers Mutual Bank, Firefighters Mutual Bank will join a third-party distribution network that partners with 12 aggregators and over 2,200 accredited Australian brokers.

[Related: Mutual achieves 48-hour turnaround times]

Bank makes first entry into broker market
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James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

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