Is Going Direct Really Cheaper Than A Broker Or Price Comparison For Small Business Insurance?

The UK media is currently awash with advertising slogans from direct commercial insurance companies targeting small business owners in an attempt to make them switch their provider of business insurance.

‘Get 12 months cover for the price of ten’ and ‘You won’t find us on price comparison websites’ are typical of the slogans emanating from these companies, in a language more akin to the selling of car insurance than the traditional professional and almost stoic approach to the selling of business insurance cover.

In the current recession, price has become the determining factor in winning the war of market share for all goods and services and insurance is no exception. Prudent small businessmen and women are looking to cut costs in all areas of their business and the large direct insurance companies are well aware of this.

The large insurers are also aware that the UK market has over five million small businesses of which a fifth are sole traders, self-employed and people working from home, many of whom are familiar with purchasing their personal insurance direct with the provider, either by phone or on the Internet.

There are three types of provider in the current market for business insurance in the UK.

Intermediaries such as insurance brokers and agents, price comparison sites and direct commercial and business insurers.

Each has their own advantage and disadvantages, however whether one distribution channel is cheaper than another is often a subjective view from a particular trade, or dependent upon factors many of which cannot be quantified in price.

Direct Insurance companies claim to be able to offer cheaper polices because the cut out the costs of the middleman. It is certainly true that direct insurers do not have to pay an intermediary for the cost of the lead or introduction, however it is questionable whether this cost saving is actually reflected in the prices offered to the public.

Certainly there are economies of scale to be made by centralising the life-cycle of a policy from sales point to claim and renewal, however all those functions that are performed by an intermediary still have to be carried out in-house by the direct company and these have a cost.

Many large composite insurers often have distinct direct divisions with their own target market and premium rates. The same company may also have a broker or intermediary division or channel.

It is quite often the case that a large broker with a large book of business of, for example, small builders liability, will receive much more preferential rates then the same companies direct channel, because that insurance company wishes to retain that brokers clients.

Commercial Insurance brokers then are often able to offer preferential rates because they have more flexible schemes and arrangements than the direct channel.

One of the main benefits of using an insurance broker or intermediary in purchasing commercial insurance for small business, cannot be quantified in price and is worth the commission or fee that they may charge. That is advice, market and product information and knowledge, access to various markets such as Lloyds and some human help if the worst happens to a business and a claim is needed.

A commercial or business insurance broker is often able to negotiate far better claims settlements than if an individual were to deal direct with the insurer. The main reason for this is once again the insurer wishes to retain that brokers share of the total risk pool and will often pay out to a broker on an ex-gratia basis. This cost of this service is not quantifiable at the quote stage where small business cover may well just be valued for the price paid or the covers bought.

The third major way in which small business owners can purchase cover is by visiting a price comparison website. All the major UK comparison sites have recently begun to offer online cover aimed particularly at the small business sector, with under 50 employees. This is in direct competition with the direct insurers for television and media advertising space, aimed in particular at self-employed tradesmen and women who require business liability insurance and perhaps commercial van cover.

The comparison price proposition is that they can compare the market or at least a small section of it, to find the cheapest business insurance. They often do not provide any assistance in the purchasing decision-making process and the reality often is, that the cheapest commercial and small business insurance can be found in one of the other distribution channels.

It is therefore important that a small businessman shops around and takes some time to compare offerings including premiums, covers and services from all three sales channels. Prices tend to vary immensely by trade across the direct, broker and comparison markets and often it is a case of finding the provider or supplier who is the industry leader for a particular business type or trade in order to make large savings.

What Are The Options For Ecommerce Business Solutions?

Ecommerce business solutions vary depending on a company’s requirements. These solutions can be purchased in a ‘ready made’ state or require a custom tailored solution. Some common ecommerce business solutions are introduced below:

Content management: This solution is the framework that controls the website content. Ready made content management systems can be purchased at the enterprise level or sought through open source sharing networks. Design templates can accommodate the integration of content management systems such as Drupal, WordPress and Joolma. This permits an organization to update content dynamically on the fly. Organizations that require large scale solutions can build from the ground up or purchase high end enterprise versions. These are typically more expensive.

Payment Gateways: Business ecommerce solutions to facilitate transactions include 3rd party solution providers and services provided by local banks. To integrate your website with your bank account is typically more expensive unless you support a large volume of transactions. Setup fees, monthly access fees and programming fees constitute part of this process. Third party solutions such as PayPal, and 2Checkout provide the vendor with the ability to transact in multiple currencies without integrating directly into a bank account. The money can be later transferred into your account by wire or direct deposit.

Security: Protecting your site from outside malicious attacks is a top priority for all ecommerce site owners. Reported cases of identity theft erode consumer confidence. Installing firewalls and using a service such as hacker-safe can protect your infrastructure and business reputation. Security is a growing area of concern for all site owners. Employing an appropriate ecommerce business solution to safeguard your system should be part of every ecommerce platform.

Email: Third party email services allow site owners to communicate and retain records of their customers. Companies such as Aweber and Getresponse host databases and provide front ends to correspond with customers.

Hosting: Ecommerce business solutions for hosting cater to organizational platform and functional requirements. Usually the web development company can recommend or has arrangements with hosting services. This requires a technical understanding to select a service that is appropriate for your site framework.

Custom ecommerce internet solutions for business: This requires the services of a programmer who can work to implement the technical scope. Internet developments have reached a stage where many of the common requirements of ecommerce sites can be fulfilled by cost effective third party solutions. If the technical requirement is more complex in nature, a custom approach is required.

Microsoft Dynamics Service for Microsoft Business Solutions

When it comes to Information Technology (IT), “Microsoft” is the first name that sparks in our mind. Being an IT giant, it offers a wide range of software development as well as hardware services. Microsoft dynamic service is an essential part of MS enterprise integration services. Along with enterprise integration services, Microsoft also offers various development platforms, application re-engineering, cloud hosting, and WHQL teasing.

Microsoft allows you to develop advanced Microsoft business solutions such as CRM, accounting applications ERP, regulatory solutions, and much more. You can develop Microsoft dynamic solutions by using Microsoft dynamics service like:

  • MS Dynamics Axapta
  • MS Dynamics Solomon
  • MS Dynamics Navision
  • Custom CRM Development
  • Dynamics Great Plains

Develop Microsoft Dynamics Solutions with MS Dynamics Axapta

By using MS Dynamics Axapta, you can build an ERP solution for the enterprise. Build collaborative Microsoft Business Solutions that bring your customers, employees, partners, suppliers, vendors, etc. at the one platform. Dynamics services of MS offers easy change management, improved productivity, simplified compliances, and much more. It allows to integrate multi item dimension, multi language capacity, and many other features.

Microsoft Dynamics Service for MS Dynamics Solomon

With the help of MS Dynamics Solomon, you can create regulatory and accounting applications for your enterprise. The Microsoft business solutions offer a wide range of development like account management, project management, complex regulatory compliance process for different authority, and so on. It provides simplified and user friendly development that makes the business processes smoothens.

Create Microsoft Business Solutions with MS Dynamics Navision

You can use MS enterprising Navision to develop any customized features and special functionalities for your dynamics solutions as per your industry domain. Dynamics Solutions of Microsoft can address your business objectives and enhance the bottom line. MS enterprising NAV also allows to develop variety of modules like services management, supply chain management, sales and marketing, analytics, etc.

Use Microsoft Dynamics Service to Build Custom CRM Development

Under the Microsoft enterprising solutions, you can develop custom CRM applications as per your specified business needs. You can create sales solutions, customer service solutions, marketing solutions, etc. for the enterprise. You can integrate various functionalities like cross sell and up sell, customer interaction, identifying business changes, managing knowledge resources, and much more. It also allows to endorse your marketing campaign on the CRM based Microsoft business solutions.

Dynamics Great Plains for Microsoft Dynamics Solutions Development

To develop any business analysis and reporting features, you can use Dynamics Great Plains. Microsoft enterprising service makes right information available to the right person at multiple points. The Dynamics Great Plains helps in rapid information access and distribution, change identification and management, and respond quickly to changes.

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