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Understanding financial adviser binder agreements

Abinder agreement is an agreement between an accredited short-term financial adviser and Discover,

insure, whereby the financial adviser has the ability to administer their book of clients.

Dedicated service offering

Discovery Insure binder holders are offered a dedicated servicing channel in the form of the Binder

Support Team.

Included in this dedicated offering are:

Dedicated Key Account and Relationship Managers

Reduced service level agreements (SLAs) with initial response times of maximum four business

hours

Internal escalation channels to accelerate escalations received from the binder holders

Discretionary (additional) discounts where the business case requires and justifies discounting

beyond the allocated binder discounting mandate

A hold cover facility

VIP Claims

Binder portfolio performance management

Training.

Binder holder maintenance and monitoring

The Binder Support Team must perform the below monitoring activities:

© Binder holder audits, especially where cover is held, and retention actions:

A formal template to be completed detailing:

Audit date

Plan number

Binder actions reviewed

FAZ use (must be above 80%)

Indication of correct or incorrect process followed

Communication back to binder holder giving summary of audit findings

Action points (where relevant) with applicable timeline.

Must record monthly meetings or onsite visits, with specific details relating to:

Latest audit

New business trends

Lapse trends

Loss ratio

FAZ use (must be above 80%)

Training need identification

Areas where binder holder feels support is lacking

Action points and applicable timeline.

Financial advisers who currently have a Discovery Insure Personalised Sales (DIPS) contract cannot

enter into a binder agreement. Financial advisers who enter into a binder agreement will need to

assume administration for all their existing Discovery Insure clients on the Financial Adviser Zone

(FAZ). Discovery Insure will audit financial advisers on a regular basis to ensure that the above

requirements are met.

How you can benefit from a binder agreement

Financial advisers who enter into a binder agreement with Discovery Insure will have the ability to:

Hold cover for up to 96 hours for clients, for example in the event that there is insufficient ti

to do the necessary paperwork before the client takes ownership of an asset

Provide discounts on Discovery Insure Plan premiums to clients who they believe have a

favourable risk profile. (The maximum permissible discount available will be at the discretio

Discovery Insure.)

Financial advisers will be paid an additional fee for undertaking this administration

Earn an additional 3% premium income on their Insure book of business

Effect all servicing changes through the Discovery Financial Advisor Zone (FAZ)

Give up to 10% discount on favourable clients

Log claims through FAZ

Who to contact

Binder Support Team:

The Binder Support Team can be contacted through direct action or by routing the request to the mr

appropriate person or department) the team is able to assist with the following:

All forms of query escalations, including claims

Product knowledge

Systems support

Commissions and binder fees

Reporting

The Binder Support Team cannot assist with the following:

Creating new business quotes

Servicing existing clients’ Plans

Contacting clients



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