Monthly Archives: January 2016

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Are you keeping up with technology?

Through tracking visits to our quoting system we can determine the technology trends of the Australian Broking community. How do you compare? 1 in 5 visits to our system occurs using a mobile device. This has greatly increased in the last year alone. The ability to access systems on-the-go and remotely, gives Brokers more flexibility in how and where they work.

The ability to quote, adjust funding variables or terms on-the-move using your mobile device, or while with clients in real-time, ensures flexibility and increase chance of product take-up.

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SELLING INSURANCE? HOW FAR IS YOUR REACH?

Data from Premium Funding’s recently released White Paper and Broker survey highlights some interesting trends on where Brokers are sourcing their customers from. How far is your reach?

OUR THOUGHTS
■ Brokers are increasingly targeting customers from outside their local area.
■ Technology is often used as the driver for this change. It would appear that Victoria is leading the pack in terms of chasing, and winning work outside of their geographical location.
■ While it is not new to have interstate referrals and business, online insurance schemes are proving to be a very effective way to operate cross-border books, enabling penetration into other areas around Australia.

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POSSIBLE ACTIONS

■ IT systems can be considered complex and difficult for those without any prior experience. Are there parts of your business you could automate? Are you holding back from transacting online because of a fear of cost and complexity? While developing online systems might come with an upfront investment, their ongoing costs are relatively low for the bottom-line growth they facilitate.
■ Most major broking platforms now have an off-the-shelf offering which could be a way of putting your toe in the water without having to build your own systems from scratch.

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Finally the perfect tool for selling Insurance online

Premium Funding and EBIX have announced an exclusive partnership whereby Premium Funding will be the only premium funder with iClose integration capabilities. The partnership will ensure the ability for clients to be offered flexible payment options while transacting online.

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The iClose Web Portal – a complete framework for developing, rating and deploying e-commerce insurance products. Designed with speed to market and cost as major design criteria, the Web Portal offers a flexible solution for a broad range of insurance products.

Premium Funding’s product works in conjunction with iClose using an API, which allows clients to choose monthly or weekly payment options, accept on-line with no signatures or need for printing funding contracts. Cover and premium funding is now bound instantly, a truly on-line e-commerce solution.

Ross Hayward, Director Premium Funding stated, “The iClose platform is the perfect solution for Brokers looking for a platform to offer product on-line. It is simple to set-up, cost effective and integrates seamlessly into current Broking systems.

Our exclusive funding option is essential for products that are competing against direct pay by the month options, a must have if you are to be competitive in this space. Combine this solution with our one of a kind electronic settlement reconciliation and our overall product offering ensures high volume transaction based sites require no touch from Brokers.”