Q How do you get paid, if you don’t make any commission?
A Industry published aggregate insurer policy administration costs for North America are in the 10% to 15% range (of total policy cost). That is what it costs for the average insurer to service new and existing customers, over and above commissions. We provide 100% of all policy administration services to our insurer partners in exchange for a very small fee per policy issued. Most insurers will actually experience savings of 50% or more on their typical policy administration costs. We have a solution that is a WIN-WIN for both customers and insurers.
Q When will Awywi be available in our area?
A From design, we intend on launching in every state and province in North America. We have two limitations, first, every state and province has strict insurance licensing requirements that we must meet. So unlike many unregulated products and services, we cannot immediately launch without meeting those requirements. Secondly, in order to meet the regulatory requirements and expand responsibly, we are limited by the cost of doing so. It is in our best interest, as well as your best interest that we find out where the greatest demand for Awywi is.
If you let us know who you are and where you are coming from, we will focus on areas with the highest demand and will inform you when we are offering products in your area.
Q How much money can I expect to save?
A Commission varies by product and insurer. You can visit almost any reputable insurer and find their Broker and Independent Agent Compensation Statements. Broadly, standard commissions range from under 10% to over 25% depending upon the insurance product in question. Our goal is to pass 100% of the commission savings on to our customers.
However, you can visit almost any quote comparison site and you will often see claims of savings of up to 50%, just for getting an initial multiple quote. While we are dubious of those types of savings, we do offer multiple quotes from only the best quality insurers and then do it again at every renewal to ensure that your coverages and pricing are always up to date.