In the highly competitive insurance industry, it is the broker with the best system who wins the day. The broker with a system that is exposed to poor data processing methodologies has a lack of proper backup procedures and disaster recovery facilities and is prone to data loss due to insufficient protection against virus infections, is gambling with his most precious asset: his data. You also find a common failing in competitive systems in that insufficient thought is given to firewalling - creating an ideal environment for the theft of your data.
The broker with the BrokerNet system, on the other hand, is able to offer his client a customised package quickly and easily. BrokerNet provides brokers with a system to reduce their administrative load, guarantees the safety of their data and enables them to focus on the marketing of insurance products.
"In some cases brokers utilising BrokerNet have increased their productivity by 50%," says BrokerNet general manager, Sollie Stols. Brokers can do business online with several insurance companies, eliminate paper-driven processes and control their service levels.
By using a single system linked to multiple insurers and multiple products, brokers are a lot more efficient in their sales and service.
The BrokerNet system combines expert knowledge of underwriting with the speed and convenience of computers and the Internet, and it also enables brokers to deliver policies to customers immediately on closing the contract. BrokerNet also provides portfolio management that includes ongoing analysis and risk management. Different analyses, including claims cost, frequency of claims and the average premiums, allow brokers to focus their marketing strategies.
"We are always looking for ways to improve benefits and lower premiums by analysing risk and age profiles. Every broker`s client risk profile is continually examined to identify potential high risk areas and to allow them to uncover new marketing opportunities," says Stols.
Aside from taking the administrative load from the shoulders of brokers, BrokerNet offers full money management, including premium collection and distribution, with a detailed record of every payment. The system-generated reports also provide warning of unpaid premiums, which allow brokers to take action before a policy lapses.
BrokerNet sales and service general manager, Jenny Cockcroft, says BrokerNet sells service, and not systems. "BrokerNet ensures that commission is paid to brokers on the third working day of the month, something no other provider can match at present. The BrokerNet model allows brokers to do what they do best - selling," Cockcroft says. The brokers who are part of BrokerNet benefit from the Volume Business Management Methodology (VBM^2) which combines management methodologies with computer systems.
"With VBM^2 we have found the right combination to minimise the business risks in the insurance industry," says Cockcroft. It also enables brokers to send and receive information pertaining to their business in a multimedia format from a number of sources without leaving their workstations. This includes policy documentation to their clients. Information can be sent directly to printers via e-mail in various formats or by fax, thus creating yet another way to improve broker efficiency.
"We are continually developing products according to market needs," Cockcroft says.
The advantages of being a BrokerNet broker are numerous. It is cost-effective and improves effectiveness since there is no duplication. This in turn improves the business` bottom line. It provides the broker with management information reports essential to his business - and commissions are paid on time and without delay. No broker can afford to be without BrokerNet!
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