Users

 

Financiers and Insurers


 Financiers and Insurers are currently operating in a highly competitive and more regulated environment than ever before. Many face pressure to keep abreast of new technology to retain existing customers as well as win new business. There is an immediate need for these product suppliers to embrace electronic delivery to their customers and intermediaries but a lack of skills, experience or resources to deliver a robust result quickly.

 

The Insfin Online Internet System offers an immediate, proven solution for product suppliers. Importantly the need to commit large development budgets with the risk of missed deadlines and cost blowouts can be removed.

Product suppliers can use the system to provide:

  • Call centre point of sale and/or full cycle systems

  • White labelled product solutions for Financial Institutions, Broker Networks and Affinity Groups

Depending on the customer, Insfin software licensing fees can even be paid out of revenue generated. In effect this represents a sharing of the cost savings from:

  • Speed efficiencies – faster call centre sales processes for multi product sales

  • Customised policy document generation – eliminating the need to provide costly and inflexible printed material

  • Multi scheme capability – increasing the capability to deploy different branded products and commission structures (schemes) for different customers within one system

  • Electronic completion – enabling electronic payment processing and elimination of data entry and paperwork

  • Internet based training and support – electronic training and communication of information to agents

  • Remote updating of rates and policy features – eliminating costly changeovers

  • Cross selling capabilities – one sales process reducing the acquisition and lodgement costs for each additional product sold

 

Banks and Other Financial Institutions


Banks and other Financial Institutions are ideally placed to cross market a range of financial services to their existing customer bases. However most financial services systems have been developed with a product focus rather than a customer focus. With proposed Federal Government legislation and consumer needs encouraging a converging of the current fragmented financial services industry, intermediaries are likely to be selling a range of products to their customers.

 

The Insfin Internet System can offer a full suite of general, life and finance products coming from different suppliers but presented in one seamless online sales process where customer details do not have to be entered more than once. One of the patent pending features of the system is an intelligent module structure which recognises the group of products that the customer wishes to purchase and dynamically eliminates questions that are repetitive, asking them only once in the sales sequence.

 

By adopting the Insfin platform, decisions on the suitability of product offerings can be divorced from delivery mechanism considerations. In effect this empowers banks and other financial institutions to replace or add product providers without the need to change IT platform and front end sales processes with associated retraining costs.

 

Licensing fees for the Insfin Internet System are based on a percentage of revenue generated from the system. Where external product providers are involved the fee will be negotiated between the parties to reflect the sharing of cost savings.

 

 

Broker Networks


The broker industry is looking for efficient electronic delivery systems to reduce processing costs and overheads. Also brokers are increasingly looking for value adding opportunities involving other lines of business if these can be handled efficiently by their systems.

 

As a purpose built B2B platform the Insfin Internet System has the speed, security, product range and features to provide brokers with an alternative method of doing business. Due its powerful interface capability, the system can be integrated with internal and backend systems to eliminate double entry and double handling of applications.

 

 

Affinity Groups


It is increasingly recognised that promoting new lines of business through existing relationships or where a loyalty bond exists between the group and its members, can be very effective. This has produced a new breed of financial services intermediary amongst retailers, professional associations and dealer networks.

 

These affinity groups aim to include insurance and other financial services as an additional service to their captive customer base to generate additional profits and to enhance the customer relationship and so aid in customer retention.

 

Insfin can play an active role in "brokering" relationships between product providers and affinity groups. The end result is a product badged in a way to capitalise on the existing customer relationship and delivered in a structure that meets underwriting and compliance criteria.

 

    

 

 

"Insfin gives users an unfair advantage in their market."