Honan Insurance Group will partner with ASX-listed technology firm BPS to offer insurance products and services to 24,000 SMEs.
BPS are a leading provider of technology platforms and management systems in digital payments for small to medium sized businesses and the deal will see Honan given access to a large customer base.
The partnership will see Honan and an unnamed “select group of global insurers,” offer “competitively priced and tailored business insurance packages,” to the vast SME merchant base of BPS.
Insurance products available will include business and travel insurance and are designed specifically for various categories of businesses, BPS revealed in a statement to the ASX.
“The front end ‘online offering’ will be built and branded by BPS with the back end fulfilment and binding of cover supported by Honan Insurance Group,” the statement said.
“SMEs will simply enter a web portal via the BPS website or the websites of its subsidiaries and select their industry classification and type of insurance cover required.
“The site will then provide them with complete details of the cover provided and premium amounts.”
Andrew Fluitsma, director of Global & Corporate at Honan Insurance Group, told Insurance Business the partnership came together as a result of obvious synergies between the two organisations.
“Thanks to our strong affiliation with the Worldwide Broker Network (WBN), we have some of the best tech capabilities in the region, seeing us service a wide range of emerging and established tech firms. With our expertise in this space, and a shared passion for innovation and high quality service, it was only natural a partnership was formed.
“We are excited to be involved in what is likely to be a significant value add for BPS and its 24,000 clients,” Fluitsma said.
The statement notes that the partnership will also feature “one of the world’s largest global insurers,” who “will provide specific cover for travel insurance which will be offered with all bookings made with BPS’s Travel and Tourism marketing vertical.
“Honan, in conjunction with selected insurers, will handle all the relevant insurance documentation and enquiries.”
Trevor Dietz, CEO of BPS, said that the expansion into insurance makes sense for the tech firm.
“This is an obvious extension of our business model. Every business and every business owner needs insurance at an affordable price. We are delivering on that,” Dietz said.
“It will allow BPS to market an insurance solution needed by every business and their owners, whilst creating for BPS an automated revenue stream with low touch and high margins.”
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