Online Platforms

Online Platforms

Gold winner: CGU (3.50)
Silver winner: AIG (3.44)
Bronze winner: Allianz (3.36)

Industry average: 3.03

Brokers were clear this year on what they expect from insurers’ online platforms. “Electronic platforms are supposed to make life easier for broker and underwriter,” one broker said, and many others expressed similar sentiments. Another broker reported that the best thing an insurer had done for their business this past year was “focus on online platforms and the need to bring e­fficiency to our business”.

Others expressed surprise that some insurers still haven’t jumped on the tech bandwagon. One broker criticised an insurer for having “no online model, which means everything has to be done manually. This is really unacceptable in 2018 – all insurers and underwriting agencies should have an e­fficient and functioning online model where brokers can login and get their own quotes.”

“If any insurer was able to provide consistent service, quality solutions and an easy-to-use platform, that insurer would pick up every intermediated customer in Australia”

Brokers told Insurance Business that insurer efforts on the online front are a genuine enticement. One broker said an insurer could win more of their business by “having an online system that is user-friendly and easy to transact,” while another suggested insurers should be creating not only web platforms, but also “simple broking tools like the CGU survey app”. Yet another broker made a bold prediction: “If any insurer was able to provide consistent service, quality solutions and an easy-to-use platform, that insurer would pick up every intermediated customer in Australia, not just our business!”

This year’s gold medallist in the online platforms category is CGU, while AIG and Allianz also secured places on the podium, earning silver and bronze, respectively.