Why technology represents the biggest opportunity for insurance distribution
With shrinking margins and ballooning customer expectations, the vast majority of agencies, brokers, MGAs and carriers understand that the industry is becoming more technology intensive. Bringing this notion to reality creates a challenge and an opportunity.
In the recent revolutions in industries such as ecommerce, online travel and even transportation, one thing stands out—data is key. In the past decade, the insurance distribution industry has been facing fiercer competition from automated insurance options resulting in lower margins and higher customer expectations.
Our survey respondents include 102 brokers/agents (53%), insurers/carriers (32%), MGA (2%) and others. We found that in this demanding industry environment, insurance professionals and organisations realise that they must transform their operation to be more technology intensive. However, in reality, many respondents in the industry report siloed systems and unfriendly - and consequently rarely used - user interfaces.
• Only about a third of all respondents have a CRM system in place.
• Nearly 80% lack functioning BI tools.
• Only 21% maintain application/quotation management systems that adequately interface with insurer systems.
This report provides analysis of Novidea’s research findings and provides advice to insurance distribution providers on how they can successfully adopt new technologies to transform insurance distribution.
Topics covered:
• Barriers hindering technology adoption.
• The benefits of adopting cloud technology.
• Five steps that can help you realise the cloud-based & data driven vision.
Download the full report to learn more about this fundamental disconnect and how the cloud may be the fastest path to resolution and future growth.