10 Years of Making Complex Insurance Needs Simple
Since 2011, Darryl Morris of National Franchise Insurance Brokers (NFIB) has been providing a simple, online risk management solution that has helped Franchisors and Franchisees manage their insurance needs.
Darryl understands that insurance is a complex and very important subject to get right. He spoke with Business Franchise Australia and New Zealand about how his service makes it simple.
Congratulations on 10 years in business! Tell us about the beginning of NFIB
NFIB first trialled its services in 2010. We talked with franchisors, franchisees and insurers to understand what was missing in the insurance space for the franchising industry.
The Franchise Council of Australia recommends cover for fire and peril, business interruption, burglary and theft, public and product liability and workers’ compensation. But that’s just your core insurance needs. There are many additional areas that apply to specific situations for each franchise business.
It was clear that there was a real need to develop a specialised insurance solution that would address the needs of all the stakeholders. What we saw was a need for a simplified compliant insurance management system. And so, NFIB was born!
What services do you provide to the industry?
We offer a technology interface and extremely cost-effective insurance solution for franchised businesses. Franchisees can access a customised online area created specifically for their franchise. NFIB can take care of compliance, certificates of currency and even make sure your dates line up taking the headache out of administrating your insurance. NFIB also provides franchisors with full insurance broking services for their corporate insurance needs. And all NFIB products are underwritten by one of the world’s leading insurers.
This is designed to bring real and tangible benefits to both the franchisor and the franchisee. All our services are operated within a no cost ecommerce platform bringing all these related aspects logically together. As NFIB has developed its own proprietary technology, we are able to offer insurance solutions together with compliance management via our e-base platform, all of which come as a benefit to the franchisor and their franchisees.
We also have a team of brokers that support and help all franchisees in arranging their insurance and are on hand to meet their questions should they arise.
How does your service benefit Franchisors and Franchisees?
Franchisors want to maintain the integrity of their brand, franchisees want business security, and brokers work with insurers to meet those needs. With an electronic distribution platform sitting between the franchisor, franchisee, broker and insurer, all the parties can be served in a cost-effective manner, often at a time that best suits everyone.
The custom-built free-of-charge web portal enables franchisees—via a few clicks of a mouse— to quote and bind their insurance in a quick and effective manner. And, in almost 100% of the cases, offer a saving premium to the franchisee.
The Franchisee is able to arrange an insurance program that meets the Franchisor’s component requirement, while the Franchisor has an overview of the insurance of their franchisees and the customer via an easy-to-use web portal. NFIB is unique in this space and enables a franchisor to have real time transparency over their brand’s insurance at the franchisee level.
Tell us about your insurance background
I have enjoyed over 35 years in the industry covering both underwriting with an insurer and account management as an insurance broker.
In 2002, I joined my first broking firm and over the next 10 years I built and developed a number of insurance broking companies together with supporting insurance agencies.
I am passionate about success. Nothing is better than finding the ‘gaps’ in the insurance delivery process and being able to build businesses that meet these needs for the customers. NFIB has been a success story of a company created at the right time and our clients and customers would attest to the value we have added to their brands.
Are there any costs involved for the Franchisor?
Setting up your own NFIB program is quick, easy and won’t cost a cent. We are here to support Franchisors so don’t charge any set up costs. The only costs are related to the actual insurance premiums specific to the requirements of your franchisor.
Talk to NFIB
NFIB have assessors Australia-wide. Knowing you have the right cover and that any unusual circumstances have been thought of brings peace of mind. And if something does go wrong and you must make a claim, they are best placed to ensure you get a quick and accurate settlement.
Darryl is happy to chat to Franchisees should you wish to discuss any matter relating to your insurance.
If you’d like more information, contact Darryl Morris, Managing Director of NFIB, on 1800 776 747 or email@example.com