National Franchise Insurance Brokers has launched an international business, with plans to provide online insurance solutions for franchised businesses in at least 18 countries.
Worldwide Franchise Insurance Brokers (WFIB) is in the final stages of negotiating contracts with members of international broking network Unison in four countries who will distribute products to businesses in their own countries. WFIB may also offer the solution to brokers outside the network.
WFIB is exclusively licencing the solution to one broker per country. The company modifies the language and currency of the solution to suit the country and the broker buys the package and uses it to distribute insurance solutions to clients.
“The countries will be duplicating the solution we provide here,” said Darryl Morris, executive director at WFIB. “The Australian market had a gap and needed a solution and we provided it. We did research to see if the same gap was missing internationally and identified that a gap existed there, too. We saw an opportunity to expand. We are negotiating contracts with four countries in Europe, the USA and Asia Pacific.”
Asked where WFIB stands to make the most business, Morris said, “The Northern Hemisphere has a big gap. It is on the verge of expanding rapidly into online commercial insurance transactions. In Australia, we have been doing that for the last five years. The Northern Hemisphere is not as advanced but they are close. That’s why the opportunity is so great.”
Morris doubts WFIB has any competition. He added, “I spent the past 12 months travelling to various countries and carrying out extensive research and I have not yet found a player in the market that is doing this.”