Insure 247 disrupts the insurance industry and experiences rapid growth
Insure 247 is one of Australia’s fastest growing insurance brokers and arguably the most disruptive. Its target customer base of micro businesses and SMEs is one that many traditional brokers avoid. They believe policy margins are too low and the cost of service too high – a premise challenged by Insure 247. Founder and CEO Steve Sloan said, “I looked at the way the industry was going and said, okay, how can we turn this around and service these customers in a cost-effective way.”
Sloan worked in the banking and insurance industry for years as a digital marketer, and saw an opportunity to build a new type of brokerage based on service and scale. “We now operate more efficiently and provide a better experience to a large number of customers. Partnering with Salesforce has given us an advantage from day one,” said Sloan.
Salesforce speeds operations and growth
Like many successful businesses, Insure 247 launched from a garage. It had no customers but Sloan knew it needed Salesforce to scale. He had prior experience working with the platform and saw the Salesforce ecosystem as a catalyst for innovation and growth.
“We wanted to be paperless from the beginning and create a cloud-based experience where customers and employees could find the information they wanted at their fingertips. Salesforce has helped us to create that and differentiate ourselves from brokers with walls and walls of files,” said Sloan.
Salesforce acts as the business’ workflow engine, automating processes along each phase of the customer journey. This often starts with prospects completing a web-to-lead form and indicating the type of insurance they want to buy. From there, Insure 247 is able to tailor their experience and personalise communication based on their insurance needs and risk.
All quotes, policies, claims and renewals are managed seamlessly via custom objects in Sales Cloud, allowing the business to quickly process a large volume of transactions and capture the data needed for compliance.
It has also enabled Insure 247 to reduce the time it takes to process new policies and renewals by 50% over the last 24 months. At the same time, it has been able to double customer growth without adding headcount. This has brought the total number of policies sold to 10,000 in just five years.
Connecting customers, partners and employees
As the business grows, Sloan spends less time in the office and more time travelling. He uses Quip to stay connected to the business and collaborate with different teams. “Quip is a real game changer when it comes to collaboration and helps us work even faster. It’s especially great when I’m travelling. I can access it from anywhere and keep on top of different projects.”
Insure 247 uses Community Cloud to collaborate with its partners. It has established one community where it can track referrals and ensure partners are following up and closing deals. Another community has been established for partner support. Here, partners can access information and tools to help service customers.
In the future, Insure 247 would like to launch a community for customers were they can manage claims and renewals and carry out simple tasks like a change of address.
“We want to be the most technically savvy brokerage out there and use Salesforce to empower customers further. We want to put them in control of the relationship and help them choose the best insurance based on their needs,” he said.
Business builds on award winning growth
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