BizCover has developed a white label version of its online retail platform, which its Managing Director says could be a boon for other brokerages with a strong SME client base.
Following an announcement this week that the BizCover has partnered with Australian electricity and gas retailer CovaU to offer their clients online insurance solutions via its white label platform, MD Michael Gottlieb told Broker Buzz that he thinks the move has the potential to shake-up the market.
“Currently, business insurance distribution is dominated by the broker channel, and most transactions are still time consuming for small business owners as well as brokers,” he said.
“BizCover offers a full white label functionality including the technology, contact centre and marketing support, making it extremely easy for brokerages and other businesses with a strong SME client base to start distributing business insurance online.
“For a broker it makes sense, as their smaller clients with less complex needs can self serve, meaning improved efficiencies for them as they focus on their more valuable clients. For a non-insurance business with a focus on the SME market, such as CovaU, it provides an avenue for them to not only grow their SME base, but to provide additional value to their existing customer base.”
The announcement comes hot on the heels of BizCover releasing a Chinese language version of its website to target the growing Chinese-Australian SME market.
Gottlieb says that staying ahead of the curve is a priority for BizCover, and that the disruptive broker has more innovations around the corner.
“We’re always looking for new ways to improve the insurance purchasing experience for SMEs and next up we are launching our new broker platform, on BizCover Brokers.
“While the new platform is aimed at improving the experience for brokers, the knock-on effect is a better experience for their SME customers. The new platform is not only faster, it offers improved functionality for administration and allows brokers to get multiple quotes across more products than before.”