Insurance provider, Ensurance Now recently rebranded and its northern regional manager of partnerships, Corey Wild, tells MPA about their new initiatives specially for brokers.
MPA: Alongside the rebrand, what new support initiatives do you have for brokers?
Corey Wild: The Ensurance Now rebrand incorporated an extensive due diligence process, which included qualitative market research within the broker community. Accordingly, some product enhancements and functionality adjustments have been made that further increase and streamline the user’s experience. Measures to provide additional broker support were also identified and have now been implemented, to include:
- New website: a new website that provides a comprehensive product overview, easy access to support materials and an extended customer support centre. The user-friendly platform makes it easy to research home insurance, compare, and buy cover in real time.
- New suite of support collateral: a suite of client-based sales support materials has been developed to help drive traffic to the broker. This includes a collection of brochures that detail product information, FAQ, calculators and comprehensive comparison tables, that provide a transparent overview of all insurers and different levels of cover.
- New customer-focused eDM content: customer-oriented brochures and email content has been prepared to help brokers educate customers/ get customers over the line. This includes general product information, tips to minimise the risk of underinsurance, etc.
- Increased team of advisers: the advisory team has been extended to provide brokers more back-end support to help with product advice, and assist with product queries and provide guidance on more complex insurance needs.
- Refined claims process: a new online claims process can now be lodged online, where Ensurance Now acts on behalf of all clients when managing a claim and negotiating with insurers to achieve the best possible outcome. This reduces a client’s exposure, and provides peace of mind and security in the instance of a claim. It also alleviates the often stressful and difficult claims negotiation process with insurers that the client would otherwise be exposed to, should a policy be sourced directly.
MPA: What opportunities are there for brokers who choose to diversify into home and contents insurance?
CW: Extend service offering (and therefore grow their business): there’s an ever-increasing opportunity (and expectation) for brokers to be solution providers. This is fueled by consumers being both time poor and reliant on brokers to be solution providers beyond the traditional requirements (a.k.a. home loans).
- Create ‘sticker’ relationships: cross-selling home and contents insurance is a natural opportunity for brokers to deepen loyalty and create ‘sticker’ relationships.
- Get a competitive edge: home and contents insurance is a natural extension of the home loan process and provides a direct channel to increase revenue – which is particularly pertinent in a time of increasing market uncertainty fused with a highly competitive landscape.
- It’s substantiated by market demand: diversifying into home and contents insurance correlates with substantial category demand, driven by standard practice. The general insurance market in Australia is circa $40bn, of which, the home insurance market represents 23% or about 11,000,000 home insurance policies annually (new and renewed). In addition, brokers can provide insurance to new clients when they purchase a new home, plus also offer the insurance platform to their existing book of clients.
MPA: Why is now a good time to diversify into this area?
CW: The general insurance market in Australia is circa $40bn, of which, the home insurance market represents 23% or about 11,000,000 home insurance policies annually (new and renewed). This equates to immediate opportunity, substantiated by significant market demand. In addition, underinsurance is a growing concern, with research indicating that 81% home owners and renters are exposed to significant financial loss due to being underinsured. This in itself provides brokers the opportunity to be solution providers and educate clients about the options available (as well as help clients bypass becoming a statistic). References: Quantum Market Research 2014; The General Insurance Industry Data Report 2014 – 2015
MPA: What is your point of difference compared to other insurers?
CW: Ensurance Now is a one-source insurance portal designed to enable financial services professionals direct access to a range of leading Australian and international insurers and policies. The platform’s primary point of difference is that it is a genuine multi-insurer provider and has the most number of insurance policies available in one platform – none of which are white labelled. Of equal advantage is that the platform is fully automated, which means that a client’s general insurance can be processed on the spot, versus the standard 48-72 hours’ response time. This equates to true choice in real time, and the upside is significant to brokers and clients alike.
These value propositions directly align with the feedback from the recent market research conducted within the broking community, which identified the following priorities:
- Direct access to multiple insurers and policies, in order to offer clients real choice
- Quote, compare, select cover and purchase in minutes
- Streamlined, automated and compliant
- Full back-end customer and partner support
- Faster access to insurance
- Greater control of the sales process (versus referring the lead to a third party), though with the option to ‘spot and refer’ if required
The Ensurance Now online portal facilitates these requests, and represents an immediate opportunity for brokers to extend their service offering, deepen relationships and increase revenue.