Bicycle insurance firm Dynamo Cover has linked with Myagi to offer its partners a training program that will enable them to "offer insurance compliantly."
Dynamo Cover's Alex Mills told BikeBiz: “The most important thing for us is ‘Compliance’ – Insurance is a regulated industry, and thus all of our retailers need to operate inline with the regulations set out by the Financial Conduct Authority (FCA).
"Myagi is brilliant for us as a business, because it enables us to teach our retailers about how to offer this product compliantly - we as a business can then monitor these results.
The additional training service will compliment the work of the existing business development managers, who will now focus on those businesses most in need of assistance.
"We pay our retailers a decent commission on sale, and the renewals for the lifetime of the policy. This means the commission offering significantly grows year on year – 400 becomes 800, becomes 1600, 3200, 6400, 12800… see where I’m going? Our retailers also deal with 100% of our claims work. Myagi’s services will ultimately help us as a business deliver quality compliance & sales training to our retail partners, and in-turn help them build up product & process knowledge.
"It’s not just sales, as the facility will also assist with other things like ‘How to resupply a customer after a claim’."
Myagi Courses available from late September will include:
- What is an Introducer? – An overview of the insurance agreement.
- How to market the insurance
- How the sales process works
- Do’s & Don’ts of insurance sales
- Resupplying customers after a claim
Myagi is already in use by both distributors and a number of retailers in the cycling industry.