Insurance provider Ensurance Now has rebranded following a successful acquisition and is targeting brokers under a new referral model.
Earlier this year, the former directors of insurance brokerage Ensurance Now, Stefan Hicks and Brett Graves, entered into a multimillion-dollar share sale agreement to buy back the insurance platform from listed entity, Ensurance Limited.
Effective as of Monday (12 November), Savill Hicks Corp Pty Ltd (under which Insure Now trades) acquired 100 per cent of the issued capital of the company from Ensurance Limited for a total consideration of $4.1 million.
Following the successful acquisition, the company has now rebranded to become “Insure Now”.
Brett Graves will continue to head Australian operations as CEO, while Stefan Hicks will retain his founding director position. Mr Hicks will be based in London and will manage insurer relations as well as be actively seeking new partnerships, while Mr Graves will continue to head up the Australian operations including broker channel management.
All staff have stayed in their current positions.
Speaking of the change, Mr Graves said: “We’re delighted to now be in the position to be able to solely focus on extending our reach within the broking sector, which has been our goal from the outset.
“The acquisition enables multiple levels of autonomy that will continue to enhance our offering and user experience. It will also enable the business to be more nimble, responsive and proactively align with market demands.”
Insure Now has announced that one of its first new initiatives will be a broker “spot and refer” model.
Speaking of the insurance referral model for brokers, Mr Graves said: “This option provides brokers [with] the best of both worlds: the confidence that they’re nurturing clients and prioritising their wellbeing, without the liability of selecting policies directly.”
The company will also reportedly extend its locally based support team available.
Meanwhile, Mr Hicks revealed that the business’ focus moving forward would be to “continue to expand [its] portfolio and give brokers access to more insurers, which equates to greater choice and more flexible options”.
The company has emphasised that there will be no structural changes to the insurance portal and that on-boarded brokers will continue to receive sales support collateral, along with customer-oriented marketing content.
“In general, cross-selling insurance is a natural progression of the home loan process that provides an opportunity to extend a broker’s service offering, grow their business and create ‘sticker’ relationships,” Mr Graves said.
“It’s also a fantastic opportunity for brokers to reinforce to their clients that they’re committed to their wellbeing and that they’re not exposed at an increasingly sensitive time.”
Find out more about the ins and outs of offering diversified business services at The Adviser’s SME Broker Bootcamp.
The Adviser’s SME Broker Bootcamp is a national roadshow designed to help brokers propel their businesses, better understand the opportunity in the small and medium-sized enterprises (SME) market and transition into new revenue streams.
The free-to-attend bootcamps will be held in Brisbane on 20 November, Perth on 22 November, Melbourne on 27 November and Sydney on 28 November.
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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