Business insurance goes online

By Staff Writer for Alexander Forbes
Johannesburg, 07 Jul 2009

Catering to the insurance needs of a new generation of online business owners is key to winning future market share, according to Andrew Panzera, business process manager at Alexander Forbes Risk Services.

In line with this, the company has developed an online insurance portal called redcarpet.co.za, which Panzera says is the first business insurance support portal to be introduced in SA. According to the company, the 'supportal” is on the cutting-edge of this type of technology application worldwide.

He explains that the site allows smaller business owners to access their insurance portfolio online and perform basic functions such as adding a vehicle to their motor portfolio, changing a postal address or submitting a claim.

Business owners will also have access to formulas that calculate their loss-of-profit risk through an online risk management tool, according to the company.

Sales people can utilise an electronic personal digital assistant (PDA), which transmits prospective clients' details to the site. In this way clients' insurance requirements can be instantly processed and circulated among a range of providers, each returning a competitive quote. If satisfied, the client is able to accept and activate the policy on the sales person's PDA.

“Small business owners can now deal efficiently with policy administration details online, allowing our customer-facing employees to evolve away from transaction management, becoming true relationship managers and risk advisors,” says Panzera.

Panzera stresses that clients' requirements are only circulated to competing insurers for three days, after which these insurers lose the option to bid. “This will drive efficiency improvements within the insurance industry," he adds.

In keeping with trends among the online community, the site will also boast a 'red blog' where users, brokers and insurers can discuss topical market and legislative issues.