Frank Risk Management opened up a new Auckland branch in October 2020, and operation head Anna Parker says digital enhancement has been a key part of the brokerage’s strategy, along with an industry-first ‘no hidden income’ business model.
Frank Risk Management has created various tools to help offer different types of insurance as seamlessly as possible, and Parker says the brokerage is always looking at ways of improving its digital experience.
Read more: Frank Risk Management opens Auckland branch
“We embrace technology and the advancements that are being made, we want to be as efficient as possible with our processes and make sure clients have a seamless and easy experience when dealing with us,” Parker told Insurance Business.
“With that in mind, Frank Risk created their own insurance platform to suit the way clients want to transact. Initio provides domestic property and contents insurance, and Frankie was developed to provide simple and cost effect cyber and management liability coverage for businesses. We are always looking for ways to improve and streamline the customer experience.”
“We use modern platforms, and our risk management offering goes beyond insurance,” Parker explained.
“We want to understand clients’ businesses and develop a strategy to best protect them from the risks they face, insurance or not. We take a wider view of risk management which includes providing a cloud-based emergency response solution for clients specifically tailored to their needs.”
Parker says one of the things that makes Frank Risk unique is the way it receives its income, and it was the first New Zealand brokerage to provide full income disclosure to its clients, who pay an agreed upfront fee based on the time Frank Risk invests to manage their requirements.
“We are passionate about business owners having a right to know what they are paying for and, as a result, Frank Risk established a ‘no hidden income’ business model,” Parker said.
“We do not entertain any of the conventional forms of broker income, we receive no kickbacks from insurers, contingent commission, profit share agreements or any sorts of payments that could cause a conflict of interest, instead we are focused on a fairer and more transparent cost structure for clients.”
