New quote creation tool making lives easier for brokers
New quote creation tool making lives easier for brokers | Insurance Business Australia
SME
New quote creation tool making lives easier for brokers
Brokers expect more in a post-pandemic world and the quote creation tool IQEdge delivers
SME
By
Bennett Richardson
IQumulate Premium Funding’s new Edge platform for brokers is continuing to turn heads in the insurance world.
Anecdotal feedback the premium funder has heard following the February roll out is that the new system allows brokers to spend less time on quotes, while still providing a tailored solution to clients.
“IQEdge is so easy to navigate that brokers have been able to seamlessly generate quotes faster than before without needing to reference any formal training material,” the company said.
The ability to view everything needed in one place is particularly useful during conversations with customers, it added.
IQumulate’s sales team have been able to reiterate to its broker network how easy it is to use its funding system in general as some brokers were not aware of some of the functions that existed in the previous interface. The premium funder has also had a reason to re-engage with brokers in person and train them on the new version of IQEdge to highlight everything they can do with it.
IQEdge provides brokers with the latest in UX design, thinking and techniques and creates a simpler process for brokers to generate a quote with less clicks, with a faster process between the steps.
Clients love the enhancements to the dashboard interface and innovative design features, the company said, citing strong engagement with a key feature that compares pricing between previous quotes and a new quote.
“Providing multiple versions of a quote in a single view is unique to the IQumulate brand and the only product of its type in the premium funding market. The ability for brokers to provide multiple funding options to their client with only one interaction with IQEdge is ‘best-in-market’,” the company said.
Spending less time wrestling with the process of generating quotes allows brokers to devote more time to the insurance component of their business.
Part of an ongoing technology journey
IQumulate is committed to continuous development of its existing products and process, as well as seeking new opportunities to simplify the way it does business.
“We have been making significant improvements to internal workflows over the past few years, and initiated review and assessment of our internal systems and processes to improve the data quality and efficiency of some of these areas,” it said.
“Through this ongoing evaluation, we’ve identified key objectives for our business to strive towards, to continue to deliver our commitment of service excellence to our clients.
“These include how we enhance turnaround times, data quality and efficiencies to support our internal quoting process, as well as automate our workflows, through smart and effective data collection, from key validation points in the quoting process,” the company said.
IQumulate operate in a high-volume, fast-paced quote environment where quotes are funnelled through a bureau search straight into a workflow automation process. This limits the manual touchpoints within the business and speeds up the time to complete important financial data checks and validation on prospective loans.
“It’s a critical area in our business and we are acting carefully so as not to remove the personalisation from our service and continue to support our clients with providing helpful business tools and finance solutions,” the company said.
Staying abreast of the latest tech capabilities is increasingly important in the post-pandemic world as brokers expect that their service providers, from underwriters to funders, will continue to help them expand the time dividend that tech advances provide as they seek to spend more quality time with clients.
“IQumulate’s technological enhancement in IQEdge allows our brokers to focus on the insurance piece and less time on the funding piece. However, unlike some organisations, the developments in our tech have not been at the detriment to our human capital.
“We still maintain that the relationships with our valued brokers are key in our success and the developments in our technologies are made in conjunction with ensuring that we have the same levels of personal service, which only enhances our overall proposition to the market,” the company said.
A tool appropriate for a changing economy
The fact that interest rates are rising only makes the appeal of IQEdge greater as clients become more sensitive to the costs of running their businesses, including the cost of insurance.
“IQEdge allows brokers to tailor a funding solution for their clients which will help them maximise the cash flow benefits that their clients can experience with various funding options… or minimising the interest rate through providing options with varied settlements or loan terms,” the company said.
IQumulate also has its MyAccount self-service client portal that allows the customer to service their loan directly with the company.
“Clients don’t always have the time to spend time on the phone to speak with us for queries…. so that’s where our products like MyAccount and online acceptance allow them to quickly find the information they need,” the company said.
“Helping our clients do more with their time, and our focus on the relationship between technology and personal engagement, ensures IQ sustains competitive advantage and continues to deliver service excellence – this is our key point of difference.”
IQumulate Premium Funding is a leading provider of insurance premium funding across Australia and New Zealand. We partner with over 600 brokers to help more than 75,000 businesses – from a sole trader through to large corporate organisations. By spreading the cost of insurance, we help your clients get the right level of insurance cover and free up their cash flow for other expenses or business growth. Speak to our experienced team for a quote today or watch our video to learn more.
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