MiWay’s innovative portfolio now available to brokers

It is of utmost importance to be technologically innovative when it comes to the demanding world of the short-term insurance broker. With the extension of its insurance solutions to brokers, MiWay Insurance is providing access to perhaps the most innovative portfolio available in the market today and allowing intermediaries around the country to broaden service offerings to customers.

Traditionally, MiWay Insurance has been a direct channel but has extended its reach by leveraging the broker channel for the first time. 

FAnews have spoken to MiWay Insurance Chief Executive Officer, René Otto, about this strategic decision to include the broker channel as part of its offering.

Broadening product scope

“The product offering was extended to brokers in May 2015 and the response has been overwhelming. We receive very positive feedback and enquiries come in from all over South Africa,” he said. 

In opening up this channel to brokers Otto said, “The decision to include a broker channel at this point-in-time was made to further extend the company’s reach to clients, as both direct and broker channels have a role to play in meeting the market needs. By working with brokers, the company is looking to extend the accessibility of MiWay’s proven insurance solutions to more people across the country.” 

Accordingly, Otto stated that the focus is on technological enablement which the company pioneered in the direct environment to make it easy for customers to manage their insurance, with the same technology applied to expedite broker interaction. 

Brokers and their clients can enjoy insurance freedom twenty-four-seven with the online policy maintenance service. Brokers will therefore soon be able to perform transactions on behalf of their clients online, where they will be able to obtain quotes, buy and amend policies and manage their clients’ portfolios. 

Added benefits

“Brokers will, in the near future, be able to administer their MiWay Insurance portfolios online, saving time and money by utilising a convenient, easy to use interface. Clients can also simply take a photo of their damaged car, for example, and submit a claim online – without having to go to a specific inspection centre,” he said. 

At MiWay Insurance, customers also earn rewards whether they claim or not. “Accidents are not always within a client’s control and we therefore do not penalise them for circumstances that are out of their control. The basic premise behind the MiRewards Programme is that we reward customers with a refund of their premium when they prove to be good risk clients – regardless of whether or not they claimed,” stated Otto.

Looking at the fee structure Otto pointed out that MiWay Insurance pays regulated commission with the option to add a broker admin fee to the premium.MiWay Insurance will also pay referral fees to those working in the financial services industry, but who are not accredited to sell short-term insurance. 

“Our advanced scientific underwriting model also enables us to ensure that all our clients only pay the rate relevant to the risk applicable,” he continued. 

Other benefits that set MiWay Insurance apart from its competitors are:

•          A take home service called WeDrive;
•          Clients get hail warnings in order for them to prepare for storms; and
•          Flexible products such as fixed premiums and a product called MiWheels Lite that offers lower premiums without any frills.

Playing even roles

“We would like to see our broker partners playing even roles in both channels. Our parent company, Santam has a big market share in the commercial market and we do not foresee the personal lines channel being overtaken by the commercial channel in terms of volumes,” concluded Otto. 

By adding brokers to its channel to market, MiWay Insurance will provide more choice and more options, increasing competition in the South African insurance market to help give customers the right cover at the right price.