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Business insurance : Intact requires the broker-dealer in its online submission


Justine Montminy

July 27, 2018 13:30

Photo : Javier Quesada (Unsplash)

Intact Insurance has launched a submission tool fast online for small and medium-sized enterprises (SMES) in property insurance and civil liability. A little earlier this year, the insurer had launched a similar tool for commercial automobile insurance.

The submission tool fast is intended for business owners who have a small business to a single location and who work in a single sector of activity. It consists of fifteen questions, but it does not complete purchase of the insurance online.

Involvement of the broker in the transaction

“The purchase of the insurance is via a broker. The latter remains in the center of our strategy. We seek to provide clients with a quote and the broker-dealers then take contact with them to analyze their needs and conclude the sale. The consequences of not being properly insured is important “, explained in the Journal of the insurance, the first vice-president, commercial insurance at Intact, Alain Lessard.

Mr. Lessard added that the customers are not necessarily willing to purchase such an insurance online without speaking to an advisor.

Limit the amount of coverage to$ 5 Million

At this stage, Intact has put a limitation on the amount of insurance of $ 5 million ($M). “We do not have a ceiling on the turnover, but a company that’s doing$ 30 Million of revenue would likely require more than$ 5 Million,” adds the vice-president.

Although the submission tool online applies to small and medium-sized enterprises in Quebec, the proportion of SMES in Québec represents approximately 97 % of the companies total, ” says Mr. Lessard. “It is about 80 % of those SMES who may use the submission tool online. Those who can’t, it is simply because they have several locations or several areas of activities. “

Entrepreneurs more and more young people

Intact believes that the submission tools online will gain in popularity over the years because of contractors which are more and more young people. “Our tool is aimed at people who want to be involved in the assurance process, rather than delegate to a third party. What can be noticed, the younger entrepreneurs ‘first reaction is to go on the Internet when they have questions,” says Mr. Lessard.

Since the implementation of the tool at the beginning of the month of July, approximately 300 submissions have been made on the platform shows Intact. “Only time will tell us the number of customers that can be reached. It should not be forgotten that the business owners are the same individuals who are often willing to get a quote online for their car or their house. Gradually this behavior will pass on to insurance companies, ” says Alain Lessard.

The submission tool is now available in the provinces of Quebec, Ontario and the maritimes. The insurer plans to eventually make it available across Canada in a gradual manner. It is accessible via an Internal cellular or tablet device.

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