The broker is back
He goes on further to say that insurance brokers have an important role to play in the consumers' decision making process when buying motor and household insurance due to the sheer number of insurance companies that are marketing short-term insurance products.
Whilst consumers are spoilt for choice it takes some time for them to obtain comparable quotes and to make a final decision on which insurance company they will use. Consumers are often forced into making decisions by clever call centre agents without fully understanding the cover that they have just bought.
"If insurance brokers are to reposition themselves in the current market then they need the necessary tools to enable them to give their clients a number of comparative quotes required to make an informed decision" says Eldrid Jordaan, Managing Director of the newly formed venture BetterQuote. Eldrid further explains that BetterQuote will market a comparative quoting tool, which is supported by Innovation Maven, to the insurance broking industry. "This tool will give the broker on-line access to a number of quotes from some of South Africa's leading independent insurance companies. Clients will no longer have to make a number of enquiries to get comparative quotes. They can simply contact their broker who will in turn generate the quotes for consideration" adds Jordaan.
BetterQuote is a joint venture between BetterSure, Blue Label Data Solutions and Eldrid Jordaan. BetterSure is wholly owned subsidiary of the BetterGroup who also owns the largest mortgage originator in South Africa, BetterBond. Rudi Botha, the CEO of the BetterGroup is excited about this new venture. "Our experience in mortgage origination and aggregation places us in an ideal position to get involved in the insurance aggregation industry" he goes on to say.
The Executive Chairman of Blue Label Data Solutions, a subsidiary of Blue Label Telecoms, Larry Pogir has been working with Eldrid for some time to get this venture off the ground. "I have no doubt that BetterQuote will become a leader in the insurance aggregation industry through its support of insurance brokers across South Africa. At Blue Label Telecoms we always pride ourselves of partnering with market leaders and that's why partnering with BetterGroup was natural choice for us", concludes Pogir.
Both Simon and Eldrid agree that the broker is certainly back.