icare’s recent launch of an online self-service portal for builders’ warranty insurance is designed to aid brokers rather than change their relationship to the market, the firm has said.
The Builder Self-Service Portal provides builders with greater visibility and access to their builders’ warranty insurance. It also brings the builders’ warranty market in New South Wales “into the digital age,” Jon East, general manager, icare Home Building Compensation Fund (HBCF), said.
“Essentially we are enabling builders to enter their policy details and manage their insurance online. This will save brokers the need for manual data entry for their client, therefore saving brokers time,” East told
Insurance Business. “Our digital portal serves as very much an intermediary product. It enhances the broker’s position allowing them to focus more on their core business activity.”
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East stressed that the portal and wider digital offering “does not change anything for brokers” in terms of their relationship with icare.
“We are simply making a small part of the business process for brokers easier, up front,” East continued.
Since the service launched, East said that more than 450 builders had lodged applications and managed HCBF eligibility online and brokers have been “overwhelmingly supportive” of the initiative.
“They’ve embraced the portal and see the value in it, such as less need for them and their staff to spend time on data entry, and see the efficiency gains by having some of their time freed up to focus on their core business,” East said.
icare also recently announced 24 broker distribution partners for HBCF following a tender process which saw brokers assessed on a capability-driven measure. East said that the broker distributors chosen had been able to demonstrate an ability to offer clients value-added services and provide customers with support and client services.
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