Global trade exchange business enters insurance game by partnering with Australia based international insurance broking and financial services giant Honan Insurance Group.
BPS teams up with Honan Insurance Group
BPS, which owns Bartercard, the world’s largest trade exchange, will offer competitively priced and tailored business insurance packages from a group of global insurers to its 24,000-strong SME merchant base. It said the insurance products, including business and travel insurance, were specifically designed for various categories of business.
BPS CEO Trevor Dietz said: “This is an obvious extension of our business model. Every business and every business owner needs insurance at an affordable price. We are delivering on that.” BPS said the front-end online offering will be built and branded by BPS and the back end fulfillment and binding offer of cover supported by Honan Insurance Group.
SMEs will enter a web portal via the BPS website or its subsidiaries and select their industry classification and type of insurance cover required after which the site will provide them with details of the cover provided and amount required with Honan, in conjunction with selected insurers, handling the insurance documentation and inquiries. Specific cover for travel insurance will be provided by Honan via BPA’s Travel and Tourism arm. It said commission revenues were expected to start in the first half of FY2017 and grow over the next two years.