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ISCOVER
Staff Reporter
One of Australia’s banks has responded to broker demand for greater cross-sell opportunities by launching a new insurance referral service.
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Yesterday, Citibank announced it had formed a general insurance referral service in conjunction with Allianz Australia to better meet the needs of mortgage brokers and their clients.
Called the Citibank General Insurance Service, it recognises the primacy of the broker’s relationship with his or her client.
The service will allow the broker to tailor the insurance sales process to the needs of the client, agreeing the most appropriate circumstances and time for an insurance specialist to talk to the client.
Once in place, the broker commissions for referring each policy will be paid upfront regardless of the client’s choice of premium payment type or frequency.
“The Citibank General Insurance Service is another example of us bringing genuine value to our broker partners and their clients,” Citibank’s head of broker distribution Aaron Milburn said.
“There are similar models out there, but this should improve the process for both broker and client. We recognise that insurance brought through broker referrals has a high retention rate and we are willing to pay upfront to ensure the broker receives what they’ve earned.”
Mortgage brokers will have access to buildings, contents, landlords and motor insurance through the service, with a range of commissions available.
