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MiWay broker portal opens up countless opportunities for brokers

11 December 2017 Morné Stoltz, MiWay
 Morné Stoltz, Head of Business Insurance and Brokers at MiWay.

Morné Stoltz, Head of Business Insurance and Brokers at MiWay.

MiWay’s broker portal will help visionary brokers enhance their service offering while reducing costs, says Morné Stoltz, Head of Business Insurance at MiWay. The portal enables brokers to generate their own MiWay quotes or to prompt MiWay’s broker call centre to complete the process.

“We believe this is the first step in building a stronger insurance ecosystem that will service customers better, and provide our partner brokers with tremendous new opportunities,” he says. “This is yet another demonstration of MiWay’s commitment to innovation.”

Using the broker portal, brokers can generate their own quotes by accessing the MiWay back end directly. There is considerable flexibility because they can increase or decrease excesses per section, in order to accommodate client requirements. They can also access all the different types of cover offered by MiWay (both personal and business insurance related), again allowing them to satisfy a wider range of client needs.

Another important element of the evolving MiWay broker ecosystem is the broker call centre. The broker need only load the basic information onto the portal and MiWay then completes the underwriting process with the client, supplies the documentation and then undertakes all the subsequent administration, including retention and, of course, claims.

At the same time, though, brokers are kept fully apprised of the process. They are thus better prepared – and have the time – to continue offering advice to clients.

All of these innovations provide a way for brokers to eliminate a large proportion of the costs involved in servicing clients, thus increasing their margins while, at the same time, substantially improving their service offering. They can also now afford to take on more clients, again with a potentially positive impact on their bottom lines.

“Partnering with MiWay provides visionary brokers with a number of benefits. They can reap the benefits a big company can offer, such as economies of scale, R&D, product innovation and solid processes, without sacrificing the flexibility and personal touch that draws clients to a broker,” Stoltz concludes. “Collaboration across the value chain is the future of insurance, and MiWay is in the forefront.”

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The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

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