That's according to Johan Smit, Head of Broker Distribution at MiWay, who explains that it is to extend its reach by leveraging the broker channel for the first time. "Direct and broker channels both have a role to play in meeting the market needs most effectively. By working with brokers, we're looking to extend the accessibility of MiWay's proven insurance solutions to more people across the country, while adding value to our broker partners," he says.
Applying the focus on technological enablement which it pioneered in the direct environment to make it easy for customers to manage their insurance, MiWay is applying advanced technology to expedite broker interaction. "Brokers are able to administer their MiWay portfolio online, saving time and money with a convenient, easy to use interface," Smit notes.
Brokers will earn standard regulated commissions; MiWay will also pay referral fees to those working in the financial services industry, but who are not accredited to sell short-term insurance.
By adding brokers to its channel to market, MiWay says it is providing more choice and more options, increasing competition in the South African insurance market to help give customers the right cover at the right price.
