C-Suite – Broker: The journey to digital
When we’re busy dealing with the cut and thrust of day-to-day commercial broking, firmly focused on renewals and new business, it’s difficult to find the time to really think about what our jobs will look like in 10 years time.
One thing is for sure – the pace of change in our market is accelerating daily.
As a UK-wide commercial lines broker we are already striving to make sure we e-trade as much business as possible in the back office to our insurer partners. This model makes huge amounts of sense when compared with the historic method of emailing out presentations to 10 underwriters, following them all up by phone, resulting in the receipt of two or more sets of terms and fully evaluating these before making a final placement decision – all of which takes many man
hours to accomplish.
With insurers increasingly accepting e-trade, the big business benefit to us as brokers is the time it can free up for us to spend more time with our clients at the
all-important advisory-led front end of the transaction.
The next big trading transition will be marked by commercial clients becoming more willing to ‘self-serve’ – firstly just when it comes to day-to-day queries and policy amendments, but with an increasing willingness and confidence to conclude their entire journey online – from quotation seeking through to the actual placement of their cover.
We know clients desire choice – we also know they greatly value a broker’s advice and are desperately keen to achieve the peace of mind that comes from having an expert in the field reassure them they have properly purchased valuable protection for their business. So it seems our next major task is to find ways of enabling clients to conclude their journey digitally, while still ensuring they benefit from expert advice, the provision of comparative quotations and our ‘expert sign off’ on their ultimate placement.
That’s a very long way of saying that we, like many, are at the start of the journey to becoming a digital broker. It’s going to require significant investment and major adjustments to long-established processes, but we are determined to be at the forefront of this change and not a reluctant conscript.
Peter Blanc, chief executive, UK retail, Arthur J Gallagher
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
More on Broker
How brokering in Ukraine is triumphing over adversity
Interview: Ukrainian insurance broker Alina Golubieva talks to David Worsfold about the current challenges of insuring businesses and homes in the country, plus how the market is preparing to align itself with European Union regulation.
Canary Riverside appeal leads to reduction in freeholder payout
An Upper Tribunal has reduced the sum repayable to leaseholders of the Canary Riverside complex in east London, ruling that just 65% of the total should not have been paid.
Jensten’s focus ‘remains the same’ following funding boost
After securing an additional £170m in funding dedicated to growth, Jensten chief financial officer Ed Hannan tells Insurance Post that it will continue to build a "compelling proposition" for vendors and potential investors.
Consumer Duty causes insurer service to start to improve
After market-wide issues such as staffing and hybrid working causing issues insurers service standards to plummet over the last couple of years, research has revealed providers are finally improving the way they help brokers.
Diary of an Insurer: Consilium’s Roxy Zeb
Roxy Zeb, partner in Consilium’s professional and executive risks team, talks about getting back into the Lloyd’s and the London market after 10 years in Australia, her desire to inspire and drive greater diversity, as well as her love of property renovation.
WTW’s Read on broker consolidation
View from the Top: John Read, managing director of WTW Networks, explains the role of broker networks in the consolidation cycle.
Roundtable: Scaling up new technology while avoiding the pitfalls
Many commercial insurers and brokers are keen to adopt more automation and AI to drive efficiency and improve customer outcomes. However, the complex and bespoke world of corporate insurance means they face greater challenges than in the personal lines/SME sectors.
Cila boss’s son gets approval for ‘challenger broker’
Chris Bissell, son of Chartered Institute of Loss Adjusters’ executive director John Bissell, has received Financial Conduct Authority approval for his broker firm Bissell & Partners.