Insurance for SMEs

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In this era of instant access to information, brokers now have a tool that allows them to truly meet their clients’ needs. The RSA ProTM platform makes it possible for a large number of SMEs to get their insurance in… 10 minutes!

RSA has completely revolutionized the work of brokers servicing SMEs by offering them RSA Pro, a tool that makes it possible to easily get a quote.

“RSA ProTM was essentially designed to process requests from SMEs with ordinary risks,” explains Louis-Francis LeBel, RSA Insurance Senior Sales Director, Québec. “This market includes professional services offices (notaries, legal and architectural firms, veterinary clinics), retailers and contractors. As additional services are added, the tool will continue to evolve with new and diverse features.”

A to Z process
Today’s brokers must be able to meet the needs of their clients immediately, as they will take their business elsewhere if the process drags on. The demand was there and RSA was paying attention.

“Thanks to RSA ProTM, brokers can now commit to the insurer without having to go through an underwriter,” notes Mr. LeBel. “In other words, whether their clients are in front of them or on the phone, brokers can meet their needs in a single session. No wait time, no need to speak with the underwriter, no second call to the client, we speak to each other, we check and that’s it!” For cases in which an underwriter is needed to complete the process, the broker can immediately reach one via the online chat platform.

Another big advantage of RSA ProTM is the consistency with which the tool processes requests. “An ordinary risk must be seen for what it is,” notes Mr. LeBel. “ RSA ProTM allows us to consistently apply a single business model in a coherent fashion. All decisions are standardised.”

In other words, human nature being what it is, RSA ProTM eliminates the bias that an underwriter might have. The questionnaire is limited to necessary questions. Access to impressive existing databases makes it possible to make extrapolations, which can then be completed by providing a few details, particularly with regard to insurable value. “It’s a different way to do business,” concludes Mr. LeBel.

Simple, gradual use
RSA ProTM has officially been available in some Canadian provinces since 2017, and its expansion in Quebec began in 2018. “Already, nearly 50% of the firms we work with in Quebec have joined the program. We have about a hundred active users,” says Mr. LeBel.

Although the tool is easy to use, RSA offers support at no extra charge. “Of course, there is an expected learning curve. At first, the user may have a tendency to fall back on conventional methods. Nevertheless, ease of use comes rather quickly, as the platform is easy to master. Above all, everyone recognizes the fact that it perfectly meets the needs of today’s clientele.”

Each firm that joins the platform receives a user code. No software purchase is necessary. What’s more, once the data has been input to RSA ProTM, the process integrates it into the Policy Works interface when the dossier is closed. “We’ve closed the loop!” points out Mr. LeBel.

An answer to a second market reality
The arrival of RSA ProTM has more than one appeal. Due to the present labour shortage, it is becoming increasingly necessary for underwriters to use their skills analysing complex risks rather than standard cases. RSA ProTM lightens underwriters’ existing work load. They can now respond to information requests faster and process files more quickly. “We estimate that RSA ProTM  could soon process 70% of all SME transactions being done right now,” says Mr. LeBel. “This will allow teams to reduce their manual processing to the 30 to 40% of cases that are more complex.” It is without a doubt a win-win formula.

Milad Boutros, Insurance Broker L. Melkonian — Québec
— For me, the key strength of RSA Pro is its ease of use. It is a unique system in the industry that allows me to quickly get a quote that comes with many options for the client, all without having to deal with the wait time as in the past when we would send an application. Before, we would wait for up to 24 hours before getting a response! This tool gives us the option to choose based on the client’s needs, budget, price point and type of coverage they need, which then makes the client very satisfied and allows us to finalize the sale. With the time I’m saving by using RSA Pro, I can focus all my energy on other cases, acquiring new clients and renewals.

Karine Verreault, Vice President, Operations, Assurances Provencher Verreault — Québec
— I like RSA Pro’s simplicity and ease-of-use. I like that the tool does not ask too many questions and those it asks are relevant. RSA Pro allows me to quickly get my quote without waiting, as well as a full policy, all without having to speak to an underwriter. The system is very user-friendly.

What type of business is it for?
RSA ProTM is intended for SMEs that meet certain criteria. “We target companies with revenues of around 5 million, or less if it’s in the service sector or construction. As for retailers, the platform is able to treat requests for businesses of up to 10 million,” explains Mr. LeBel.

RSA targets a large number of companies that export elsewhere in Canada or internationally who are able to maintain their “ordinary risk” status. Everything depends on the percentage of business done outside of Quebec and outside of Canada. “We have predetermined percentages depending on the market category,” says Mr. LeBel.

If the more complex the risk, the more necessary it may be to communicate with an underwriter at one step or another of the request. The discussion can take place without having to leave the platform or even by phone: you simply resume the session at the last step taken before the interruption.

Louis-Francis LeBel

Louis-Francis LeBel
[email protected]

Version français: http://www.rsabroker.ca/fr/news/communi-courtier/assurance-pour-les-pme

This article originally appeared in Journal de l’assurance.