UK brokers are faced with numerous challenges from today’s changing marketplace. We are now in a world where consumers are seeking instant fulfilment when shopping online (‘the Amazon effect’), and this is no different for insurance. Brokers need to remain competitive but also offer consumers greater choice in order for their businesses to thrive.
Information around insurance is easy to access – consumers are more knowledgeable than ever before when it comes to purchasing their chosen cover. This can potentially pose new challenges. But, by making the most of technology and adopting an omnichannel approach, brokers can turn this into a great opportunity and empower their customers by providing a wider choice of purchasing methods and products.
And this ‘opportunity’ is not being ignored by brokers. This has become increasingly evident from the recent growth we have seen from brokers utilising technology to take greater control over their operations. This has spiked alongside brokers adopting a faster pace of using digital tech to enhance their customer engagement and service offerings.
It’s clear that technology is playing a major part in helping brokers take control of their future. Through the use of the latest tech available, they are able to bring new niche products, schemes or additional delegated authority they may have into the arena – increasing the scope of their target audience and widening their distribution footprint. In short, it is due to such innovative technologies that brokers are able to change their business dynamics and differentiate their proposition.
We have seen this with our clients already; a desire to gain a competitive edge over others. This undoubtedly requires power, and this is where scalable technology can be fundamental.
Another competitive edge technology can bring to brokers is real-time capability. Real-time access to launching new products, real-time insight on product performance and rating, real-time distribution, real-time quote manipulation and fraud detection. Technology can help brokers stay one step ahead.
The general insurance market isn’t a stranger to technology – the ability and functionality of it is embedded within business operations and the DNA of successful broking. So, as this article comes to a close, the takeaway I would like readers to think about is – have you explored technology to a greater depth yet?