Santam introduces new broker management model
Santam, the country's largest short-term insurer, will be introducing a ground-breaking new Broker Management Model that will significantly enhance the relationship between the company and its brokers and firmly establish the Santam broker channel as the preferred intermediary channel for clients.
With the new model, the company aims primarily to improve not only its own competitiveness, but that of its business partners, while also enhancing the growth opportunities for both.
Santam's Chief Executive, Ian Kirk, describes the new model as "a direct response to the needs and views expressed by our brokers and clients, and the product of two years research and development. Implementation will not only result in Santam becoming totally intermediary-driven, but ensure that the relationship our clients and business partners enjoy with us is both safer and nicer, in line with our brand promise."
Key elements of the new model include the introduction of Key Account Managers in place of Broker Consultants, centralisation of Personal and the implementation Commercial Lines centres of expertise.
The move from Broker Consultants to Key Account Managers reflects an increased responsibility on the part of Key Account Managers to provide brokers with guidance and expertise, across all lines of business, and a single point of contact for the broker.
While Key Account Managers will be fully responsible for managing the relationship with brokers, the centralisation of Personal Lines and Commercial Lines in 'Centres of Expertise' will result in operational and administrative responsibility vesting in these centres. Without the burden of administrative responsibility, Key Account Managers will be empowered to focus their attention on marketing and the provision of efficient business solutions, to the benefit of business partners.
According to Quinten Matthew, Head of Broker Services at Santam, underwriting experts will be located in the centres of expertise, to ensure immediate access to expert knowledge. "Our intention is to provide our business partners and Key Account Managers with improved service and turn-around times and an efficient delivery platform for all transactional activities," he says.
Where appropriate, Santam will seek to align its infrastructure with the broader Sanlam group. Matthew notes that "the branches will be slimmer, but better structured and equipped, so as to provide appropriate service delivery".
Central to the new Broker Management Model will be the enabling of the existing Call Centre to provide full Contact Centre capacity. This will necessitate the location of a Personal Lines Centre of Expertise in the Contact Centre to facilitate immediate access to decision-making and to provide technical advice and assistance. Additionally, Santam will be employing new technology in the Contact Centre, while also instituting a training progamme to improve and empower the skills of Contact Centre staff.
The company is also in the process of developing a web-based electronic tool that will provide business partners with immediate access to quotations, and the delivery of policies in respect of selected products. Describing the programme as a "self-service device designed to remove processing delays", Matthew notes that the tool will enable brokers to access commercial quoting and policy administration on a 24-hour basis.
A further element of the Broker Management model concerns the segmentation of the client market. Santam has devoted substantial time to developing a new client segmentation model, applicable to both Personal and Commercial Lines. This model will provide brokers with a better understanding of the market, hence ensuring delivery of the "right product to the right customer at the right price".
The new Broker Management model has been designed to promote optimal service delivery to Santams business partners, "The model will provide brokers with a single view of Santam, greater guidance and security through our Key Account Managers, a responsive transaction capability at our Centres of Expertise, as well as automation and improved operational efficiencies," summarises Matthew. "Implementation of the model will result in the enhanced competitiveness of Santam and its brokers, additional growth opportunities and increased broker satisfaction."
Santam will launch the new model during the 2nd half of the year, to be accompanied by an ongoing series of broker presentations. In addition, brokers may contact your nearest Santam branch for further information.
