BizCover has developed a white label version of its comparison tool, which will allow brokers to transform their own websites from “just a pretty face” to an “end-to-end transactional experience” for their clients.
The new product can be installed on a broker’s website so that clients can get multiple quotes instantly and make purchases online.
Managing Director Michael Gottlieb told Broker Buzz the tool will be fully personalised to be in line with the broker’s branding.
“BizCover can provide an outcome for brokers who are wanting to have an online presence but currently their website is just a ‘pretty face’ without the self-service functionality,” he says.
“We can transform the broker’s website into a complete end-to-end transactional experience where clients can quote, bind and receive their policy documents with no interaction with the brokerage.”
Gottlieb says the initiative has been created to cater for a segment of the market that is looking to self-educate and self-serve in the most cost effective way – meaning traditional broking approaches do not suit their needs.
“The majority of clients still prefer a risk managed approach and therefore interacting with brokers, however there is a growing number of predominantly SME clients who are not looking for, nor are they willing to pay for advice and advocacy,” he says.
Gottlieb says the initiative is implemented simply by adding BizCover’s quoting widget to the broker’s website.
“It takes on the brand of the brokerage so it looks and feels like their own quoting engine. There is absolutely no mention of BizCover throughout the quoting process,” he says.
“With minimal risk or cost brokers can take a step into the digital world and have a fully functional website that creates value for them rather than being a ‘pretty face’.”
Gottlieb adds that the installation process is straight forward.
“There is minimal cost or time required by the insurance broker to get started. We will set it up for them,” he says.
BizCover says broker advantages from the new initiative include:
– Giving them a fully functional online transactional system with a very low investment threshold
– Allowing multiple quotes and comparisons (currently brokers who do have an online transactional system can only quote on one insurer)
– Freeing up the broker, allowing lower value SME clients to self serve, whilst they focus on the higher value bigger customers.
BizCover is an online commercial insurance comparison engine for insurance brokers where with one data entry the broker receives multiple quotes from leading insurers in real-time.
The comparison engine currently has more than 200 brokerages utilising the BizCover Broker’s website, producing 20,000 quotes per year.