Is insurtech a business imperative for brokers?

Is insurtech a business imperative for brokers? | Insurance Business Canada

Is insurtech a business imperative for brokers?

Do brokers need to jump on the insurtech bandwagon or risk being left behind?

Stephen Billyard- President Billyard- Insurance Group

“Absolutely yes. And no. Insurance brokerages must innovate or die. Broker technology is falling woefully short of meeting the expectations of clients and brokers alike. Brokerages that don’t invest now will be leapfrogged over.

However, insurance brokering today remains a people-focused business. The majority of client acquisition still comes from referrals, and the most desirable clients are those seeking an advicebased conversation. As brokers chase the millennial who wants to do business on her smartphone, we can’t ignore that most assets worth insuring still belong to the more mature demographic, and it will remain that way for the next decade.”

Shirley Chisholm -Vice-president- Marsh Canada

“Insurtech is transformative innovation to shape the insurance industry. Insurance intermediaries, much like insurers, will have no choice but to embrace this transformation. Brokers must respond to the consumer demand for ‘sooner, faster, better and quicker’ service more efficiently and effectively. Insurtech is the necessary revolutionary tool to augment the process on certain product lines.

There is no ‘one size fits all’ approach, and we expect that insurtech will continue to evolve alongside emerging and innovative products and consumer demand to maximize efficiency and efficacy. Additionally, these technologies are expected to lower costs to the brokerage.”

Christine Maligec -President -RIMS, Northern Alberta chapter

“Technology is rapidly evolving, yet some aspects of the insurance industry haven’t seemed to budge an inch. It seems that in the Amazon age, our industry has maintained its feel from the Code of Hammurabi – the first documented principles of insurance and liability, which were rules literally chiseled into stone.

It seems the user experience could use a bit of work. Think about the last time you bought something online: How easy was that experience? Insurtech can help remove friction points for the customer, make interacting with brokers and insurers much easier, and allow risk professionals to make better risk-informed decisions.”