Brokers should look to highlight their role in claims to differentiate themselves from direct competitors, an expert has said.
Nigel Thomas, division chief executive – Austbrokers Networks, AUB Group, said that while some brokers are highlighting their role when claims time arises, more could be done to show clients the value of using a broker.
“If we look at the claims side and highlight that positon I think there is a lot more we can do, that we here at Austbrokers are doing, to try and improve the understanding of that part of the value that we bring,” Thomas told Insurance Business.
“What brokers do at a time of loss has always been vitally important. What we are seeing now is that with more and more of the online and direct options, it highlights and helps brokers to show the value in the claims space.”
In particular, Thomas suggested brokers should look to lean into their risk management expertise to show clients that the broker value proposition extends much further than placement.
“When you work through that proposition, what it enables you to do is then highlight - in the event there is a loss - that you are in a very specific space,” he said. “You can clearly define that with a client and you can show them how their insurance program, which is part of their risk component and review, fits within that profile.”
In addition, Thomas said that brokers should look to “embrace” technology. With online and insurtech competitors now beginning to offer claims settlements almost instantly, Thomas said brokers should look to utilise similar technology with their clients.
“At the end of the day, we are involved with customers that have some fairly simple, straightforward losses that we should be able to embrace technology, whether it is through AI or bots or whatever it might be, to deliver a similar experience in a simplified sense,” Thomas said.
“You get into a more complex claim and I think, again, the AI and technology aspects get smaller and smaller in terms of the value they add in that process. However, there is no doubt in my mind that you can always improve efficiencies through better technology.”
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