A Partnership based on Success
In July 2010 FMI and IFAnet concluded a distribution agreement which will see FMI’s specialized Income Protection Products being distributed through IFAnet’s extensive broker network. With both companies searching for growth and diversification, a partnership was inevitable.
FMI was formed in October 1995 in an attempt to take advantage of a perceived gap in the insurance market. FMI have since done exactly that and cater for a niche market consisting of self-employed individuals, small business owners and their staff. FMI enjoy the reputation of being the Income Protection specialists. They take pride in providing products that have been developed with their customer’s unique needs in mind. FMI don’t just sell income protection, they offer clients a solution that is best suited to the individual and their businesses financial requirements. With a keen focus on customer service and an outstanding claims payout record, FMI strive to ensure that their business objectives are driven by customer demand.
FMI have always seen the value in investing in people and infrastructure required to support their distribution strategy and ensure their success. FMI have approached business looking at the most efficient and cost effective way to provide clients and brokers with optimal value and services. In this light a partnership with IFAnet provides FMI with a cost effective broker distribution model, while still having sufficient critical mass in terms of resources and national reach. An additional benefit of outsourced networks, such as IFAnet, is the reduction in distribution costs through greater economies of scale. A partnership such as this allows access to an already established specialist infrastructure with an immediate national footprint, without the substantial start up costs.
IFAnet markets and distributes a complete range of assurance and related ancillary products. Through strategic partnerships with Product and Service Providers, IFAnet continues to satisfy the needs of its Members. IFAnet offers truly independent Broker Consultants who are trained in the IFAnet way of operation and who are also trained and accredited to the exact standards of their contracted Product Providers. IFAnet is a traditional broker distribution service that is a more effective and aggressive sales vehicle, which focuses exclusively on sales. IFAnet currently have 11 branches around the country with 31 dedicated sales consultants and nearly 900 active brokers.
IFAnet have an enormous sense of pride in having successfully established themselves as the first and leading Independent Broker Consulting Services Company in South Africa. There is no doubt that they have revolutionised the Industry to the point where all Product Providers are forced to re-look at the way distribution is done, and the way in which they interact with brokers.
In real terms the partnership means substantial benefits for both FMI and IFAnet . FMI now have an additional 31 sales consultants promoting their specialist range of products to an extensive network of brokers previously not serviced by FMI’s existing Business Developers. In turn IFAnet have a partner who are experts in their field and who are capable of offering specialised products to a vitally important sector of the South African economy, namely small business.
Both FMI and IFAnet have just completed a National road show to inform brokers about their partnership, elaborate on the FMI story, explain the need for income protection and give insight into all of FMI’s products. The road show visited brokers from the 5th of October until the 5th of November in Johannesburg; Pretoria; Cape Town; George; Port Elizabeth; East London; Durban and Bloemfontein, with an overwhelmingly positive response.
