Online Insurance Simplified with bindIT
With most of us slowly getting back to our desks for 2023 it’s time to start thinking about work again.
And since it’s the new year, it’s also the time to figure out ways to do things better (new year’s resolutions and all that).
But let’s be honest, after Black Friday, Cyber Monday, and Christmas, we’re all a little bit over promotions and sales pitches trying to grab our attention. Because of that, we’re going to keep this article about a new tool, bindIT. It’s light on promotion and big on facts to give you the detail you need to decide if you want to give it a go.
We think it’s a handy tool for our broker partners. More importantly, the brokers that have used it like it too (one or two even used the word ‘love’ actually).
But we’ll let you make your own mind up.
‘What is bindIT?’
We released the bindIT platform in 2021, to take the complexity out of insurance. No complex forms. Client access to proposal forms. Simplified questions. Yep, you can quote and bind a policy in minutes, not hours or days.
‘Sounds great, but I’m skeptical’
Fair enough. When you add all the years of experience together, our team has been in the industry for decades, or longer. Many of our team have been brokers so, we know where your pain points are. One of the things we always found the most frustrating was the long confusing questions, the back and forth when it came to filling out client details on a proposal form, and the time it took to get a preliminary quote.
It seemed so… 1970s. Because it was.
The back and forth was a relic from brokers filling out forms on paper, sending them to the client to check, then often having to correct the paper record once the client found errors in some minor, but important, detail.
And the time taken to get even a rough estimate to give to your client just didn’t make sense anymore either.
With the internet, that process was ripe for improvement (see, we deliberately avoided using a word like ‘disruption’ since we promised ‘no promo-speak’).
‘How would my workflow actually change/be better using bindIT?’
Two words: improved process.
Switching the workflow up was the first big improvement.
Imagine typing the basic details for your client, then flicking them an online proposal that is completely linked to the portal. Review it, then quote it.
And if you want to go ahead from there? Just one or two more clicks.
That’s it. Policy bound, potentially minutes after the notification that the client has completed their details has hit your inbox.
‘Technological advance’ and ‘the insurance industry’ don’t usually go together that well…’
We know. So we put a lot of focus on user experience.
Apple is great at this. So is Netflix. And Spotify. We’re not comparing ourselves to them (obviously). But we have worked hard to create a user experience inside bindIT that makes the product feel simple and intuitive for brokers.
And we’re committed to taking on your feedback and improving the product as we go. Client access to online proposal forms is exceptionally different, and we’re keen to keep leveling it up as it matures.
‘What are some other benefits?’
- 30-second ‘Quick Quotes’* – with a minimum level of information you can obtain a rapid quote for your client. That gives them a ballpark figure to consider if you want to proceed. This means less time wasted for everyone if the cover is way outside their budget.
- Online Client Access – In seconds you can forward your client a secure link that takes them to an integrated proposal form. Yep, that’s right. Reduce risks of making any errors on your end because they fill in their own details, turnover, activities, and everything. Then all you have to do is review it and send them quote options. Perfect for new clients or remarketing.
- 24/7 – like any good internet-hosted product, bindIT is always on. So, you can submit your workflows to it for a quick quote or to bind a policy when it suits you.
- Automation – little to no human intervention in the workflow means it’s predictable and available when you want it, not only during ‘office hours’.
- Human support – don’t worry, the machines aren’t totally in charge. If you want to speak to someone, the specialist BIA underwriter that you’ve worked with is still just a phone call or email away.
- Choice – you choose how the tool works for you. Use it for some of your clients, or just a segment that you know it helps you serve better. Or all of them. Totally your call.
- Once you go bindIT, you won’t mind it! (couldn’t resist just one cheesy line)
‘Any reviews from people who’ve actually used it?’
For sure. Here are a few:
- “The bindIT platform is refreshingly easy to use and the underwriting team responds so promptly to queries” -Hayley Rowley, Senior Account Executive at Smart Business Insurance
- “I love the new system (and) the ease with which I am able to gather multiple limit / excess options as well as the document delivery” -William Gomez, Account Manager at Scott & Broad
- “Intuitive, quick and easy” -David Hodges, Principal of Insurance Advisernet.
* Applicable to risks that do not trigger a referral to an underwriter
Berkley Insurance Company (limited company incorporated in Delaware, USA) ABN 53 126 559 706 t/as Berkley Insurance Australia is an APRA authorised general insurer. Information provided is general only, intended for brokers and has been prepared without taking into account any person’s particular objectives, financial situation or needs. Insurance cover is subject to terms, conditions, limits, and exclusions. When making a decision to buy or continue to hold a financial product, you should review the relevant Policy Wording.