Contact person: Sharon Kenny
Email address: [email protected]
Contact number: 0403048084
Asia and ANZ
The Digital Insurer Insurance Innovation Award
BizCover is a leading Australian commercial insurtech business, which is changing the way small business insurance is distributed. BizCover exists to make insurance fair for small businesses. Covering over 6,000 occupations our proprietary technology allows small businesses owners to go online, answer a few questions and get multiple quotes for multiple products (at the same time) from some of Australia’s leading insurers. Once they have decided which product is right for them they can purchase online and have all their relevant documentation emailed to them instantly.
The commercial insurance industry has been slow to adopt technology, so hen looking for insurance small businesses owners have been hampered limited online connectivity which has made it difficult for them to compare and buy their insurance. Their options are to either go to a broker or in some cases go direct to the insurer. Going to a broker generally means long forms and a lengthy wait (days or even weeks) to get quotes to compare and to purchase as most brokers have limited technology. They also spend very little time on small business clients as they are not as valuable as big business. So the process is long, offers no transparency and often does not provide a competitive outcome.
For a small business going to an insurer has its limitations, as many insurers have limited capability to provide their products to intermediaries, and they either have no direct offering or their offering is time consuming & complex. Also their product offering is limited and their ability to serve diverse industry sectors is limited.
BizCover’s technology allows customers to go online, answer a few questions (we have streamlined the process and ask only relevant questions for their industry and the insurance classes they want to get a quote in) which will allow them compare insurance products and buy online – in a matter of 5-15 minutes. BizCover has removed the hassle of getting insurance, reduced costs and fees and increased pricing transparency for time-poor and cost-conscious small business owners. BizCover also offers customers flexible payment options, they can pay by month or annually, by credit card or direct debit.
BizCover has developed a leading full life cycle commercial insurance platform, seamlessly integrating transactional, finance and 3rd party CRM systems. The full lifecycle includes quote, bind, issue, payments, policy documentation, midterm amendments and renewals. Our telephony and CRM is also integrated giving us a genuine one view of the customer.
Having started in Australia, the platform operates across multiple jurisdictions (it is now in the US and New Zealand) an is able to conform to local regulations. The platform can also be utilized by brokers to improve their efficiencies and can be white labelled so that partners (including some online aggregators) with a large small business client base can offer insurance to their customers. The platform has also been adapted to allow language variations, for example there is a Mandarin version of the platform for the large and growing Chinese small business community in Australia.
Our unique place in the market has allowed us to develop an unrivalled understanding of the consumer behaviour of small/medium businesses seeking commercial insurance. The platform has collected a large amount of data that is used to identifying the key needs of customers and the driving factors behind them, and actively mining our data assets to uncover insights to:
1. Help insurers improve their product offering. Understand client needs and in particular where products and pricing is not competitive and can be improved.
2. Drive marketing decisions. Including which markets to target and what channels to utilise.
3. Obtain Operational Efficiencies. Including the development of contact strategies and workforce planning.
4. Understand claims trends and allow us to target more profitable customer segments for our insurer partners.
BizCover has an in-house team of dedicated actuarial and data analysts, as well as UX, digital marketing and design experts, we pride ourselves on pushing the envelope in using data analytics in the commercial insurance brokerage space to maximise the value to both our customers and our partners. BizCover’s aspiration is to be the place globally where small businesses choose to buy their insurance, whether that be direct, through partners or through brokers.