Online Insurance That Fits

The Insurance Brokers Association of Ontario (IBAO) in Spring 2007 decided to survey its 10,200-plus members, asking them what kind of assistance they wanted from their association in the future. Thirty per cent of the membership responded and their primary answers were: 1) help them become more profitable and 2) help them better educate the consumer about the value proposition brokers provide. So what do the phrases “become more profitable” and “educate the consumer” mean?

Let’s look at this from the point of view of the consumer.

After surveying its membership, IBAO asked consumers in a formal study why they opted to buy insurance using a selected method of distribution. What was the perceived value of their chosen distribution method? Their answers validated what we have thought and said for years: brokers needed to do a better job at delivering their message. And that message is: only true independent brokers can provide choice, insurance that fits and advocacy.

MY INSURANCE SHOPPER

That’s where www.myinsuranceshopper.ca comes into the picture.

IBAO on Apr. 3 provided industry stakeholders with a first glance at a new marketing and technology initiative developed by the association and its wholly owned subsidiary, Independent Broker Resources Inc. (IBRI). IBAO has developed a new consumer-focused Web site that provides consumers with a single point of entry for advice, knowledge, surveys, contests and an easy way to locate a broker and obtain an online quote from the broker of their choice.

One of the principal features of the Web site, My Insurance Shopper, will provide consumers with an online experience that offers more than just a quote and connection to a call center located miles away. My Insurance Shopper connects the consumer with an independent broker that works for the consumer (not an insurance company). The broker will provide personal attention, ‘Perfect Fit’ coverage and expert advice consumers can trust. This is in keeping with the results of our consumer survey, which showed consumers need an online insurance site that they can trust; is transparent; and provides consumers with the peace of mind that they will be treated fairly and not be taken advantage of. www.myinsuranceshopper.ca is designed to deliver just that.

When consumers visit www.myinsuranceshopper.ca, they will be taken to a new consumer-friendly Web site that offers a re-vamped version of the IBAO’s ‘Locate a Broker’ feature. From here, consumers will be given an opportunity to view individual brokers’ online information and either choose a broker or continue with a search of other brokers. Once a broker has been selected, consumers will be given the opportunity to obtain a quote for their auto or property insurance immediately.

After they obtain a quote, consumers may choose to continue shopping, repeating the process with a different broker. Alternatively, if they choose to work with a particular broker, they have the option of getting in touch with the broker or having the broker call them. If the consumer wants to inquire further about a price, everything will feed electronically to the broker and the broker can get in touch with the consumer and finalize the process.

Compu-Quote, a household name in the insurance industry, built the technology that drives the Web site’s quoting tool. IBRI in June 2007 sent out a request for proposal to key industry technology providers; in December, Compu-Quote was chosen to partner with IBRI to provide a broker-focused product. This technology will be provided to each of IBAO’s 700-plus independent member brokerages to compliment the My Insurance Shopper revamp of our existing Locate a Broker Web site tool.

Affinity members will not have access to this offering.

LOCATING A BROKER ELECTRONICALLY

So what will drive consumers to visit www.myinsuranceshopper.ca? That’s where the marketing comes in. In addition to introducing the Web site and the technology, IBRI is launching a province-wide advertizing campaign to deliver the broker value proposition to the consumer, while at the same time capitalizing on IBAO and IBAC’s national BIP advertising campaign. An Ontario-wide advertising campaign on May 5 will drive consumers to the new site, marking the introduction of the independent broker to the consumer. This will lead off a 28-week advertising campaign combining radio, street-level and local and community newspaper advertising with an online initiative and community cruiser campaign that will raise the awareness at the grassroots level throughout the province. www.myinsuranceshopper.ca goes live on May 5.

In the past, IBAO has developed advertizing material for its member brokers and contributed funds to support its national BIP advertising campaign. But it had not done enough provincially to educate consumers on behalf of its brokers. This campaign is a change in direction. With the assistance of IBRI, this initiative will go a long way in bolstering the value proposition and provide consumers with a better understanding of the value of dealing with an independent broker.

In addition, brokers will be given the tools they need to add to the campaign locally both at the affiliate and brokerage level. Brochures, flyers, postcards and advertorials will be made available to IBAO’s independent members through “print-on-demand” technology that will enable them to customize print material for their personal use. IBAO has come a long way, and it still has a way to go. Now that the association has taken a leadership role, brokers need to follow.

IBAO has taken a number of steps to get to where it is today:

• a survey of its membership;

• a survey of consumers;

• “affinity” or non-voting member status for brokerages that are not independent;

• BIP exclusivity for independent members in Ontario; and now

• a marketing and technology initiative that favours independent brokers.

Jump on board. You have earned the right.