Insurance Broking Firm

Client Profile: Our client has been in this industry for the last 8 years. They have 6 insurance brokers who service clients across Australia.

Background: The client had 1 paraplanner for each insurance broker in the business. This ended up being 6 paraplanners working in the business. The cost was $65k per year per paraplanner. The client was looking for a solution to save cost considering the insurance industry was going through changes and the upfront commissions were being reduced.

24×7 Direct Solution

  • The client started with 1 paraplanner.
  • Paraplanner prepared SoA’s based on file notes prepared by the insurance broker.
  • Once SoA was accepted by the customer, paraplanner would submit the policy on the insurer portal
  • Paraplanner would also coordinate all underwriting requirements and deal with doctors and medical practitioner
  • Once policy was accepted, paraplanner will cancel old policies using consent form and email the customer letting them know of the progress.
  • Maintain all filing for each customer
  • Prepare review reports and book appointments with customers for annual review.
  • Follow up with customers for any dishonoured payments
  • Follow up with customers who have cancelled policies
  • The client now has 4 paraplanners working offshore with us.
  • Out of the 6 onshore paraplanners, 3 have upskilled to become insurance brokers with the same firm and 3 have moved on. No staff were laid off. This transition took place over a period of 12 months.

Impact: The client was paying about $65k per year per paraplanner. 6 paraplanners was costing them $390,000 per year. By hiring 4 paraplanners with 24×7 Direct, the client was now paying $120,000 per year. Not just that but they were able to upskill 3 of their internal paraplanners to become insurance brokers who further generated revenue for the business.

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