With heritage dating back to 1948, Overton Insurance is a well-established insurance broking firm with eight offices across Melbourne and 50 staff.
Don't make the mistake, however, of thinking that Overton's age typifies its approach to succeeding in an industry characterised by diverse and aggressive competitors, new channels to market and mergers and acquisitions.
Its team specialises in all general insurance products, with a 60:40 focus on domestic to commercial products. Following the introduction of the Financial Services Reform Act (FSRA), all representatives are qualified with Tier 1 licenses, as well as the business successfully applying and receiving an Australian Financial Services license (AFS).
As a member of both Steadfast and the National Insurance Brokers Association of Australia (NIBA), Overton is equipped with a strong resource of professional experience, strong technical knowledge, a code of ethics set by both NIBA and Steadfast and a high level of professional service.
Overton wanted integration with their insurance broking system, Winbeat, whilst being able to do business electronically with all the major Insurers including quotes, new business, lapses, endorsements, cancellations, renewals and reinstatements.
Mr Brancati explains that Overton Insurance prefers to transact as electronically as is possible with the underwriters and with clients, where appropriate. He understands the cost and efficiency benefits of using electronic exchanges.
Overton replaced its previous policy quoting system, with Ebix Online Quoting tool to collate home and motor quotes from multiple insurers for real-time product benefits and features comparisons. Online Quoting reduces operating costs and gives a higher level of client satisfaction.
Sunrise Exchange reduced administrative processes through systems integration from insurer to intermediary. Freeing up Overtons staff and allowing them to be redeployed in more productive roles, potentially generating more revenue and improving customer service.
After using Online Quoting, the company hasn't looked back.
"Unlike previously, we can instantly convert an enquiry to a sale using Online Quoting from within our broking system. Previously we had to re-key in the data separately once the client had selected their policy. This immediacy is a tremendous competitive benefit as we're starting to see new insurance providers, such as financial institutions entering our market, who often have brand awareness and product bundling incentives on their side. By providing fast and accurate insurance policy information to clients, we're closing more business."
"Ebix Exchange and Online Quoting save us having to liaise with all of the insurance companies to get the information we need via a single mouse-click," outlined Mr Brancati. "We don't have to chase or rely on another party coming back to us to process transactions and generate business. This enables us to run a successful broking firm."
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