Tech-driven commercial insurance broker Konsileo has entered the market and is in the process of recruiting mid-market brokers.
The new firm will be catering to the commercial insurance market and is currently in talks with insurers to share data.
Comprehensive data collection drives the broker’s Risk Hub that insurers can access in order to capture and assess the risks posed to their customers and price policies more accurately.
Through eliminating the admin process, the broker is able to send insurers requests for quotes and use data to complete customer profiles rather than manually entering client information.
Peter Henderson, co-founder and chief technology officer said: “Highly skilled brokers with decades of experience are wasting their talents and skills copying and pasting information on clunky systems stuck in the 1990s. Our system will free brokers from 60% of the time they spend on admin.”
Konsileo’s data collection capabilities and IT structure means that it acts as its own software house, making it simpler for insurers, who may currently rely on old IT systems, to share and accept data.
“Insurers have the problem of not being able to go straight to their broker in order to share data, they have to go through their software houses first,” said CEO and co-founder of Konsileo John Warburton, ex-director of global marketing and digital strategy at Allianz, pictured.
“We don’t use software houses – we are our own software house and have our own proprietary system. For us to engage with an insurer would be very simple and if they can accept data in an open way then we can share it with them. For an insurer, sharing data with us would be a lot simpler than sharing with a software house.”
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