Digital distribution is growing with automation handling more transactional work - so do brokers still have a long-term case for staying active in the insurance market? Experts from our Transformation panel explain why they're not going anywhere.
00:01 - Paul Lucas: Digital distribution is growing. Automation is handling more of the transactional work. So, what exactly is the broker's long-term case for staying in the room?
00:11 - Kate Grasman: The digital brokers that you're seeing will certainly disrupt some of the work that's happening, but from where I sit, it's harder to build the network of producers and that knowledge base. It's easier to actually find the tech.
00:27 - Paul Lucas: For complex risks, the market has already reached a verdict.
00:35 - Paul Lucas: Independent agencies wrote 87.7% of US commercial lines premiums last year.
00:41 - Ryan Deeds: When you're working with large organizations that have massively complex risks that are that are hard to variable-ize, you want humans in there. I mean, that's that they're buying trust.
00:53 - Paul Lucas: But the relationship alone is not the full answer.
00:56 - Jennifer Kessel: I would say it's digital plus broker moving forward based on the technology that's being put in place and the AI that's evolving, it will change what the expectation our client has of us. And so, how we're interacting with them, the level of expertise that we have, the level of value that we bring, that all changes.
01:21 - Paul Lucas: The tech is the easy part. The network, the expertise, and the trust, those take years to build. For more from our US Transformation Leaders Network, check out the full round table now at Insurance Business TV.
