National Franchise Insurance Brokers (NFIB)
Why Centralising Your Franchise Group Insurance is a Good Idea
Efficiency in business comes by ensuring all cogs in the business machine are fully functional and optimised. Franchise groups are tasked with monitoring and tweaking all aspects of their operating system to maintain efficiency across the board.
One of the most important aspects for groups to monitor is insurance – as any successful franchise group will tell you, it’s important that all franchisees have a level of cover that complies with their industry and their franchisor. Insurance models that specialise in group-standardised insurance packages allow for franchisees to be safe in the knowledge that they’re properly covered, and enable franchisors to be confident that their brand won’t be unavoidably affected by a negative situation in the future. Not only does this make life easier for the franchisee – leaving more time for them to run other aspects of their business - it also allows the franchisor to achieve a certain level of control over group insurance matters, without seeming overbearing.
National Franchise Insurance Brokers (NFIB) is a company that specialises in insurance designed specifically for people working in the Australian franchising sector. It’s a fully automated, compliant service that provides clients with full documentation. All policies are underwritten by some of the world’s best insurance organisations, notably Lloyd’s of London – arguably the largest insurance market in the world.
How does it work?
NFIB’s basic premise is simple, to provide a centralised space for franchisors to easier monitor and regulate the insurance affairs of their franchisees; from here a secondary benefit comes to fruition – franchisees gain access to pre-determined covers tailored
to their particular franchise group and industry. Making the (often tedious) process of purchasing insurance much simpler. The group-pricing structure available to companies such as NFIB (using ‘people-power’ to negotiate a better overall premium) acts a major advantage – often providing clients with premiums considerably lower than if individuals were to insure elsewhere.
Simple, centralised and compliant; these words form the basis of the NFIB system for franchisors. With the aid of an online portal, franchisors that sign up to NFIB gain access to real-time reporting of franchisee insurance affairs – all relevant documentation is readily available through the NFIB website, from Product Disclosure Statements (PDS), to certificates of currency, to live updates referring to the take-up rates of franchisees. Prominent Australian franchisors already signed up to NFIB cite the level of control offered by the system as the most desirable feature. The ability to stay at-arms-length, but retain an input into something that could have a potentially adverse effect on the brand if handled wrong, is what sets NFIB apart from other insurers.
Looking for security, NFIB is a fully owned company within the PSC Group of operations. Publicly listed the PSC Group has a proven track record in business acquisition, establishment and turnaround in the insurance services industry. The PSC Group comprises a portfolio of businesses ranging from start-ups to mature businesses...
In a nutshell, avoiding the tedium and time-consuming nature of organising business insurance, paired with access to competitive premiums, is what draws franchisees to the NFIB system. Having an online space where documentation, important renewal dates, claims lodgment and risk management information can be quickly accessed, is the defining factor in franchisee decisions to continue insuring with NFIB.
While there is a lot of talk about doing business Online, Portals and websites, NFIB does offer that personalized service where franchisees and franchisors alike can have the time with a skilled and specialised franchise insurance broker one that is appointed to the brand from day one. Here the personal engagement will assist a franchisee who would like that help, but all remains written and issued through the portal. So it is the bringing together of people service coupled with the ease of transaction being online. With many payment options including monthly instalments dealing with NFIB is certainly made easy.
NFIB stats report that 86% of everyone that visits one of their Franchisor insurance facilities and buys a policy with 97% of all franchisees renewing each year, these are impressive results that paint a clear picture testifying to the success of the business.
With an easy to use system, prompt and personal service, and insurance packages designed to suit your circumstances - they just might save you time and money.
To find out more contact the Managing Principle Darryl Morris on:
1800 776 747