Future entrepreneurs and business owners will never have known life without e-mail or internet access. As such catering to the insurance needs of a new generation of on-line business owners is key to winning future market share, according to Andrew Panzera, Business Process Manager Alexander Forbes Risk Services.   

The company has developed an on-line insurance portal which Panzera says is the first business insurance support portal to be launched in South Africa and is on the cutting edge of this technology application worldwide.  

Similar to internet banking the site allows business owners to access their insurance portfolio on-line and perform basic functions like adding a new vehicle to their motor portfolio, changing a postal address or submitting a claim.  Business owners will also be able to access useful formulas to calculate their loss-of-profit risk through an online risk management tool. 

Moreover, clients are able to fill in three or four variables, like turnover, number of employees and sum insured, get a quote or even purchase commercial insurance via the web.  

Called redcarpet.co.za, ‘the business insurance SUPPORTAL’, the service promises to re-define the role of insurance providers.  

“Small business owners can deal efficiently with all the policy administration details online allowing our customer-facing employees to evolve away from transaction management and instead becoming true relationship managers and risk advisors,” said Panzera.  

Sales people will all be equipped with an electronic Personal Digital Assistant (PDA), transmitting prospective clients’ details to the site. In this way clients’ insurance requirements will be instantly processed and circulated amongst a range of providers, each returning a competitive quote. If satisfied, the client is able to accept and activate the policy on the sales person’s PDA.  

For starters directors and officers liability, top-up liability, pleasure craft policies, and legal assistance policies can all be negotiated, quoted and purchased via a sales person’s PDA or over the net. This will expand to other products like executive vehicle, personal accident and travel later in the year, Panzera explained. 

Should a client require specialist advice about starting a business in Africa, for instance, then they are either prompted to call or log an inquiry.  

“Importantly,” said Panzera, “A client’s requirements are only circulated to competing insurers for three days - after which these insurers loose the option to bid - and will drive efficiency improvements within the insurance industry.” 

redcarpet.co.za is also designed to be completely accessible throughout South Africa, regardless of bandwidth and connectivity challenges.  

In keeping with popular trends amongst the on-line generation, the site will also boast a ‘red blog’ where users, brokers and insurers can discuss topical market and legislative issues affecting the industry. The blog will also help drive people to the site. 

Andrew Panzera, HCIS, Business Unit Leader,
Alexander Forbes Risk Services
011 669 33245

Source:    Press Release     7 June 2009