You can learn a great deal over a brew and a chocolate digestive, as Insurance Edge Editor Alastair found out when meeting Ben Potts, MD of Novidea at the BIBA show recently;
IE: Ben, almost every broker at this show says they’re time-poor, how does Novidea help?
BP: Let’s sum it up in one sentence; Novidea replaces gut instinct with truly useful data, stats and tools you can use. In short, it applies science to your sales process.
IE: OK, but let’s say I’m a broker with HNW customers, surely I want to get to know them, their likes and dislikes, meet at shows or conferences and sort out problems – that’s how I’m going to retain their business in the long run, right?
BP: Well maybe so, but are you making any money from those HNW clients? Novidea let’s you break down every interaction, into hours of work, claims costs, third party support, costs of prepping renewals, sending them out etc. You can slice the data by profit/loss ratio, by type of cover, claims history – any way you like. So as part of preparing that HNW quote for next year, Novidea calculates what you actually made from previous years, and works out what your potential quote might be.
IE: That is a massive time-saver. So it really automates a vast swathe of admin?
BP: It does, but it goes beyond that. The interface is auto-compliant with GDPR, and local regulatons in different markets. It works all that out behind the scenes for you and that level of compliance is arguably just as important as any time-saving.
But the real value in using Novidea is that it can uncover all sorts of peaks and troughs in your client database – stuff you never knew you had. You can analyse 600-1200 mainstream customers and see what they’re making you on motor, or target 40 HNW clients, 20 commercial property customers, and within those segments you may find clients who are what one broker describved to me as `hidden gems.’
IE: So by running the Novidea system you get to figure out how to match your workload, to the actual profit-making clients – think I’ve just had a light bulb moment!
BP: Exactly right. You might discover that all those hours you put in managing a few HNW or commercial clients isn’t really paying off, although their money looks good on the balance sheet each year. Novidea helps you devote your most valuable commodity, your time, to your most valued client database.
IE: Food for thought, Ben thank you for your time.