Costs, technology no longer the barriers to e-trading schemes online.
A recent broker survey carried out by UKGeneral highlighted that 53% of brokers believe that “an online platform would increase their trading opportunity” but the biggest obstacle identified preventing them was “access to a technology platform”. What this really means is “at a cost that is in line with what a Broker can afford”.
Quotall believe that access to scheme trading software shouldn’t cost the broker anything at point of entry.
Historic barriers to online scheme distribution
As a broker, your first port of call to discuss e-trading is probably your in house software provider who (if they have any etrade capability at all) will try to charge you for use of the system. The products themselves may be poor quality and uncompetitively priced. They may be generic and from markets that you don’t wish to trade with. The etrade systems provided by your software house (aside from being expensive to buy) will probably not be optimised for consumer use. Little or no support on how to drive customers to it will be provided. You might have experienced something like this, and not unreasonably, concluded that ‘online doesn’t work’.
If you’ve ever wanted to sell your own scheme products online then (assuming the software house is interested or able to offer scheme builds) this story probably got more depressing! The costs quoted for building a scheme can often run close to £50,000. Combine that with a wait times of 6 months or so for a product build; it probably just feels like a lot of hard work, with no guaranteed return.
Quotall cloud based technology means faster deployment and better conversion rates.
Quotall know (because we’ve done it) that build times can be halved, costs mitigated and the consumer experience significantly enhanced.
Quotall’s cloud based service can enable brokers to deploy their own schemes for etrading on their web sites in a matter of days and certainly weeks.
Quotall’s pricing approach is revolutionary also. Getting your own scheme live can be achieved with no up front costs to you. How is this possible? Often build costs can be covered by insurers. There are an increasing number of insurers and MGAs willing and able to fund scheme builds for Brokers. Quotall system usage fees are linked to premium written. Again often paid for by insurers, and ensuring your scheme’s success is completely aligned with our business.
Quotall think that you should control the distribution process on your own website.
With Quotall’s platform and approach you will not compromise on quality and functionally. The platform has been designed “ground up” for consumer etrading so that your prospects will not have to endure “pop ups” and being sent off to a completely different web site to buy the product. You control the process not the software provider. Facilities include:
- Comparative buying options for accommodating a panel of insurers or multi featured products (bronze, sliver, gold options etc)
- Payment by credit/debit card or premium finance)
- Automatic policy documentation production and distribution
- MyAccount facility for clients to access quotes, policies and renewals
- Full MTA (AP & RP) facilities
- Broker staff visibility of client online activity for multi channel sales capability
- Referral facility where appropriate
In summary, your costs can be negated. Your platform barriers removed and the products you want to sell built out and made distributable on your own website. And it can be done fast. Find out more about Quotall’s scheme build service.