The future of insurance: Become a digital broker today
26 April 2017
With organic growth and acquisitions in the insurance industry higher than ever, now is the time for brokers to fully embrace digital technology to take advantage of every business opportunity in a market primed for profitability.
Reid French, chief executive officer, Applied Systems
Why go digital?
Your clients expect it
Today’s insurance consumer is fundamentally changing business and customer service models. Consumers are more mobile than ever. Media and news are now consumed on-the-go, and personal and business transactions via mobile apps are part of everyday life.
The demand for 24/7 access to information is requiring nearly every industry to re-evaluate how they operate to meet these new customer expectations – and the insurance industry is not immune. Delivering a digital customer experience has become table stakes for the next-generation trusted advisor.
Your business requires it
The increased pace of business to keep up with consumer demand can make staff feel like there are never enough hours in the day to get everything done. Digital technology simplifies processes and eliminates manual tasks.
Additionally, end-to-end transactions between insurers, brokers and the insurance consumers and insurers need to happen within a broker’s technology infrastructure to reduce the time spent duplicating tasks at each stage.
The makings of a digital broker
Digital transformation reflects the transition of taking manual, paper-filled processes to digitally automated workflows powered by software and the internet.
A digital broker is one that has undergone a digital transformation to drive growth and profitability across its lines of business. It experiences many digital, paperless interactions and transactions per day with insurers, insureds and amongst staff.
A digital broker is built on four pillars:
* A single broker management system to serve as the operational foundation. A broker management system should be able to manage every type of business from personal lines, commercial lines, benefits and risk management and should connect all of staff within a broker, including CSRS, producers, accountants and principals.
* Insurer connectivity creates a digital connection between a broker’s management system and insurer partners. It’s important that brokers have access to the best products and the best insurers to meet the risk needs of each client, and connectivity allows just that.
* Mobility gives brokers the ability to interact with prospects, clients and employees in the field via insurance-specific mobile apps and client portals. Mobile extends the broker’s role as a trusted advisor by providing an additional servicing channel, which allows insureds to interact how and when they prefer.
* The cloud allows brokers’ staff anywhere, anytime access as well as fulsome security and data backup. Hosting software in the cloud leads to increased flexibility, security, disaster recovery and business agility.
Step into the digital age
With today’s customers expecting more and increasing competition redefining the insurance industry, digital technology simplifies and amplifies current processes, expands communication channels – to clients and insurer partners – and mobilises staff from their desks to the field.
Digital elevates a broker’s role as a trusted advisor, ensuring they are present at all moments of opportunity – anywhere, anytime.
Business as usual is no longer enough. The strategy? A broker’s foundation has to be more advanced, communication channels open, and the business mobilised. Growth-minded brokers have a great opportunity ahead.
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