NEWSInsurance Brokerage Company O.C.M.I. Is Progressing Into The Future
Nov. 27 2022, Published 2:21 p.m. ET
When we think of insurance brokers, many thoughts might come to mind. While insurance brokering is growing as an industry, there are still a lot of companies that only cater to white-collar customers. The insurance process is also often criticized for being slow and inefficient; however, with a brokerage company O.C.M.I. in the picture, things have finally started to change.
Starting in 2007,O.C.M.I. is an insurance brokerage company that aims to provide effortless and seamless services for blue-collar customers. This field is challenging to enter and survive in. the company offers exclusive workers' compensation programs for its target market. They have entire in-house SRM and underwriting programs that are unique in the industry.
O.C.M.I. provides in-house instant clarity, based on a per-account basis, so client approvals are much faster than traditional insurance practices, where people wait long periods.
When discussing the business model, O.C.M.I.'s primary goal is to help acquire workers' compensation quickly and efficiently. Achieving efficient speeds in the blue-collar industry is mostly unheard of, which is why O.C.M.I.’s work is unique. Most blue-collar companies have a significantly hard time getting approvals; this is why O.C.M.I. matters a lot. Due to their quality work and the relationships O.C.M.I. have built in the industry, they have access to specific markets that none of their competitors do. Due to this access in the industry, most of O.C.M.I.’s competitors never have the same success.
The insurance process is also different regarding O.C.M.I. Instead of going for traditional, end-of-year audits, O.C.M.I. opts for a pay-as-you-go plan. This plan allows users to pay for insurance as if they’re paying for gas, only for what they use. O.C.M.I.’s program has no deposits, audits, or cancelation fees. Furthermore, O.C.M.I. reports on your payroll, eliminating any chances of overcharging or confusion.
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When comparing their system to the traditional one, O.C.M.I. says, “In traditional markets, you give an estimate, and they charge you monthly based on an estimate. And at the end of the year, they come and check your books. It costs you money and time, and they find flaws and ways to charge you more based on what they find in your books.”
O.C.M.I. has also established its own CRM called Janice, which crawls the web looking for relevant information such as tax IDs, proof of coverage, or violations. All this information can speed up the application and approval process. Using this technology, they’ve also better understood their clients' needs and how carriers can help. Heavy paperwork is also avoided because of this.
Eliminating paperwork and moving towards new digital technologies is a significant achievement for O.C.M.I. They mention how much time can be saved when people don't have to fill out lengthy forms and submit them.
When talking about the future, O.C.M.I. wants to become the leading PEO brokerage in the country.
