Having access to the latest technology is a necessity for any broker who wants to remain competitive in today’s market. Technological innovations occur as quickly as the insurance industry itself evolves; brokers who are either reluctant to adopt technology, or don’t have access, run the risk of being of left behind. The modern client demands a higher level of service than ever before and using the right technology at the right time plays an integral role in delivering that service.
“For brokers, it’s important to think about the increasing demands of modern customers to do everything online,” says Shantie Ramkishun, Director of Business Improvement at RSA Canada. “The industry needs to start thinking about how we set ourselves up for the next generation and their changing demands. With that in mind, more brokers are moving their purchasing and advisory functions through online channels.”
Ramkishun believes that brokers who are reluctant to adapt to technology risk missing out on new markets and opportunities. “If you don’t have a presence in the digital space, you will start to lose out on customers,” she says. “Brokers need to be looking at technology in order to take their brokerage to the next level.”
In an effort to equip commercial brokers with the technology that will enable them to up their game, RSA has recently introduced EZ-Docs, a system which replaces bulky paper policy documents with electronic versions.
“Our commercial policy is complex and usually around 150 pages long,” Ramkishun says. “The mailing costs, which are incurred by the brokers, are huge but until recently there was no real alternative. EZ-Docs allows brokers to access the policy documents online and email them directly to their clients. It gives them the ability to go paperless, which saves time, cuts costs and improves efficiency.”
Ramkishun believes it’s time for all commercial brokers to embrace technological innovation. “It’s all about becoming more efficient and getting smart about leveraging technology,” she says “EZ-Docs is a great example of how brokers can minimize their expenses and provide great service.”
Mark Williams of Bill Blaney Insurance Brokers Ltd. is one broker who has been using the system. “Now that we utilize EZ-Docs with our daily download of policy documents, the workflow in our office has become much more streamlined and the level of customer service we can provide to our customers has increased,” Blaney says. “Information flows quickly and policy changes are transmitted overnight, eliminating the wait time for bulky documents to make their way to our office."
For more information, visit RSABroker.ca.