PSC Network underscores autonomous path forward

PSC Network underscores autonomous path forward | Insurance Business Australia

Insurance News

PSC Network underscores autonomous path forward

“Standing on our own is key to our future,” says CEO

Insurance News

By
Bennett Richardson

This article was produced in partnership with PSC Network

PSC Network CEO Tony Walker is vowing to continue building a robust network of authorised representatives (ARs) as part of its key strategy for future growth.

“Standing on our own is key to our future AR offering as it enables us to create customised and exclusive solutions for clients without any market channel conflict or IT system restrictions,” said Walker.

“Building our independence as a business allows us to foster better relationships with our partners both locally and globally using the leverage of PSC Group,” said Walker.

PSC Network is part of the bigger PSC Insurance Group, and the services of the parent are available to PSC Network ARs. PSC Insurance has Offices in Australia, NZ, Asia and the UK meaning that the know-how of a major international firm is on tap for PSC Network reps.

The PSC Group worldwide has over $2.5bn in gross written premiums.

The company emphasised that it has respectful and supportive relationship with all its underwriting partners that enable it to negotiate and develop exclusive offerings based on PSC’s scale, portfolio mix and distribution through its broker network.

“PSC has always forged its own path setting high professional standards and by standing on our own this extends our capabilities which enables us to focus on what really matters, our ARs and their clients,” Walker added.

Data and IT development to be crucial driver

One important part of the approach is to ensure that PSC assists its ARs in terms of speeding up processes and creating a time dividend to allow brokers to interact with customers more. To this end, PSC Network has invested significant funds and resources in building the strength of its IT capability, creating fully integrated and instantaneous quoting across multiple product lines and insurer platforms.

The company said it will continue to invest significantly in the development of its IT systems to enable its brokers to focus on servicing their clients, not entering data.

PSC Network has access to over 200,000 client details, which allows it to identify and develop key specialisations within the business to be shared across the AR network to drive business growth and provide smarter client solutions.

The company said the opportunities with data and technology are unlimited and it is very excited to be investing heavily into this space.

A continued flexible approach

PSC Network attracts a broad range of people, reflecting the many flexible pathways to becoming an AR with varied revenue and equity options available depending on the individual circumstances of each business.

The company continues to expand its value-add service offerings to drive sales, reduce costs and improve customer outcomes.

PSC Network provides technology support, financial management, claims management, compliance and regulatory standards plus internal processing and placement systems for its ARs.

ARs manage their own processing through the Winbeat processing and OfficeTech compliance system. There are no transaction fees applied separately when processing client invoices. There is no sign on fee and ARs trade under their own business name within the Network, meaning that the end customers will continue to attach to the AR’s brand even while it is part of the PSC Network.

The model is ideal for insurance brokers who have the long-term commitment to build their own business, are customer focused, compliant and motivated.

Importantly, when it comes time to sell, retire or offload part of their business, PSC Network is able to accommodate the AR’s preferred outcome.

PSC Network Insurance Partners is a division of publicly listed PSC Insurance Group Limited. As a Group, PSC aims to be the trusted insurance and risk management partner for its diverse range of Small to Medium Enterprise (SME) clients. PSC Network Insurance Partners Pty Ltd is an Australian Financial Services Licensee, responsible for a large network of Insurance Advisors across Australia.