Brokers placing commercial business insurance will soon have access to an online platform where they can ‘bid’ on business from new clients.
The website – premiumfox.com.au – will allow businesses and individuals seeking insurance to place their specific details online and submit these to a centralised pool of brokers who then respond in 48 hours with insurance quotes. Potential clients are offered the three lowest quotes from brokers to choose from or remain with their current insurer.
PremiumFox.com.au chief executive Boon How says brokers and insurers will continue to be paid by the insured with brokers paying a referral fee to the bidding platform in the event the broker secures the new business.
How says the website will offer business, tradesperson, commercial vehicle, property, strata and not-for-profit insurance while policies which pass set limits will trigger a physical assessment by the broker or the insurer.
“This is not a website to cut out brokers and is not like many of those in the retail space. It can only work when brokers participate and provide quotes for those seeking insurance,” How says.
“We actually built the site with brokers in mind and see it as a way for them to acquire new clients and to educate and communicate to them that insurance is not a commodity. We hope to also create forums to provide information and tips about insurance and how those insured can mitigate risk.”
The website will not deal in financial products nor give financial advice but brokers who quote through the site will be either authorised representatives of an Australian Financial Services License or hold their own license.
While the service is not live yet with How stating it will become active in mid-March some brokers have already signed up for the service with PremiumFox looking at other brokers “who are fanatical about client service and are generally competitive, Australia-wide.”
How says the platform was developed after he and his business partners struggled to find an easier way to investigate commercial property and business insurance.
“We found not enough attention was being paid to commercial insurance with all the focus on the retail insurance space and being business owners seeking insurance we decided to build this site after not finding anything like it in the market,” How says.