Digital innovation remains a key issue for brokers and the industry needs to look to utilise technology in a bid to strengthen relationships with clients, an expert has said.
As all industries seek benefits from technology, a reliance on outside providers will allow brokers to focus on their clients and help develop a stronger business.
In Australia, many major brokers and broker networks have sought tech efficiencies while insurers are rushing to ensure that they meet the changing needs of consumers by backing innovative policies and insurtech business.
Andrew Tucker, CEO of ITonCloud, said that brokers need to utilise technology across their businesses as a way to free up time to deal with clients.
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“Is their business IT? No, it is not,” Tucker told Insurance Business
“Moving to the cloud allows them to be a lot more agile and focus on what the fabric of their business is, which is their client base.”
In a recent report from Willis Towers Watson
, it was found that 74% of insurers believe that the insurance industry has failed to show leadership in digital innovation.
Almost half (49%) of the respondents to the Willis Towers Watson
survey said that they expect to make an acquisition over the next three years in the digital technology space with 94% believing that distribution will be the area where the full force of technology is felt.
While many in the industry are still trying to come to terms with the changes cloud computing and technology will bring, Tucker warned that brokers need to remain vigilant and move quickly to ensure their survival as those that wait “are going to lose out.”
“I think that contemplation period is long gone,” Tucker continued.
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