Streamlined
and hassle-free
Cheryl Chapman gets plugged intoan innovative way to win new clients
Brokers have only so much time and resource to dedicate to any one client, which inevitably means that opportunities can fall by the wayside. But help is at hand: Hiscox’s Schemes solutions could help you maximise your chances to win new business and maintain client relationships – all with minimal effort and risk.
The idea is that you can use Hiscox’s flexible approach, coupled with our wealth of resources, to target opportunities you might not have been able to capitalise on in the past. By using alternative business models, we can find solutions to the problems associated with processing insurance business.
Brokers don’t always have the resources necessary to administer high volumes of low-premium business. By handing the processing over to the Hiscox Scheme & Affiliate Solutions team, brokers can rest assured that all outbound calls, policy sales process, conversion and issue of documentation are taken care of, at no risk to or effort from themselves.
Maximum profit, minimum risk
John Heaney, Commercial Underwriting Manager, explains: “The point of Schemes is that the broker maximises profit from their contacts through a different business model. Our claims experience means we can cater to niche markets as we know the types of claims that, say, journalists working from home may make. This insight means we can quickly provide a competitive offering for the client. It could be a special price, unique policy wording or access to the policy, such as through a bespoke webpage.”
The service doesn’t stop after the policy is sold. John says: “While the broker maintains ‘ownership’ of the client throughout, Hiscox can continue to handle the policy during its life, taking care of the administration of mid-term adjustments and renewals, alleviating this burden from the broker.”
An example occurred when one partner broker was unable to service a volume of household cross-selling opportunities. The Hiscox solution was to provide a client-facing representative to act on his behalf and convert these leads into premium income and, of course, commission for the broker. The broker has an obligation to provide Hiscox with a ‘warm lead’ from the start – that is, the prospective client must have expressed an interest in being contacted. Upon completion, the policy is handed back to the broker.
James Standen, Broker and Emerging HNW Manager, says: “The new business process is the most tortuous stage for any broker. Schemes is a risk-free way of cross-selling business as brokers don’t have to worry about finding the money and time to train up new staff. We take on the risk of the new business ourselves.”
