Insurer rebrand to boost broker income

by Miklos Bolza18 Sep 2017
Insurance provider Ensurance Now has announced a simultaneous rebrand and the launch of a complete suite of product enhancements and broker support initiatives.

Created over two years, the digital insurance portal gives brokers access to three different insurance providers and a range of policies. It is fully automated, able to process a client’s general insurance on the spot as opposed to the typical 48 to 72 hour turnaround time.

“In turn, cross-selling home and contents insurance is an opportunity for brokers to extend their service offering, deepen client relationships, and increase revenue,” said Corey Wild, Ensurance Now’s northern regional manager of partnerships.

“Diversifying into home and contents insurance is a natural extension of the home loan process – which is particularly pertinent in a time of increasing market uncertainty fused with a highly competitive landscape.”

Ensurance Now’s rebrand occurred after an extensive due diligence process which included qualitative market research on over 50 brokers within the mortgage broking community.

“At the end of the day, the feedback that were getting from a lot of them was that they wanted faster access to insurance, they wanted to control the sales process instead of passing the lead off to a third party, and they wanted multiple insurers to ensure that they can actually give their clients more choice,” Wild told Australian Broker.

“It’s important for us to ensure that the process is as streamlined as possible not only for the brokers but for the clients as well.”

Ensurance Now has currently signed over 1,000 distribution agreements with the principals of various brokerages. Wild estimates this covers around 2,000 individual brokers nationwide.

Measures developed and implemented to boost broker support include:
  • A more user-friendly website which provides a detailed product overview, support materials and an extended customer support centre
  • A new suite of client-based support materials, including brochures, which help to drive traffic to the broker
  • Customer-orientated email content through which brokers can help educate clients through product advice and information
  • An increased team of advisors to provide more back-end support to brokers and assist with product queries and guidance
  • A new online claims process where Ensurance Now acts on behalf of all clients when managing a claim and negotiating with insurers
The platform works by sending mortgage brokers their own personal web link through which they can generate quotes for clients, Wild said.

“It’s all very straightforward. Each individual policy that’s purchased through that particular URL is traced back to the individual broker so commissions can be paid later on.”

The actual commission range is dependent on volume, he said, and will vary across different brokerages.

“First and foremost, we ensure that brokers are paid quickly. They can be paid a month after the inception date.”

Brokers are not only paid for new business, he added, but also on the renewal of any policies as well.

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