Over the last couple of years, forward-thinking insurance brokers have accelerated their digital transformation efforts, initially driven by their need to work from anywhere. These early adopters are now reaping the rewards as their new cloud-based solutions are enabling ‘Broking on the Move’.
So, what is Broking on the Move and why does it matter?
Broking on the Move takes digital transformation to the next level, giving insurance brokers the ability to service customers seamlessly from anywhere, at any time, not just from home. It means brokers can access all the data they need about clients, contracts, and carriers on any device from any location – securely and in real time – with just a few clicks.
With Broking on the Move, brokers are no longer tied to a single location. They can show relevant real-time data to clients during meetings, produce documentation, and agree transactions in the client’s office using a tablet or laptop. They can generate and send documents ahead of face-to-face meetings.
Brokers can work with complete flexibility, at an airport, on a train, or wherever they happen to be, including from home if they are hybrid working, which many see as the future.
Live digital trading
In the London Market, it’s not about show leather any more, as we have seen the huge increase in the use of e-trading platforms such as PPL and Whitespace for transacting Lloyd’s business. Over the past year, PPL saw almost a 100% increase in transactions, with Whitespace the other main beneficiary, as brokers and underwriters were forced to trade electronically.
Electronic trading will undoubtably continue to be the model going forward, thanks to its greater convenience, operational efficiencies, and lower costs. With broking on the move, brokers can access all the information they need in real-time, to negotiate with underwriters in London, and worldwide.
Challenges of remote working
For the late adopters who want or need to engage with Broking on the Move, there are still many remote working challenges, including: a lack of access to management information (MI); an inability to communicate effectively with remote employees; and slow system performance and scalability.
To try to overcome these issues, some brokers have had to buy more licenses for their end-users, since they now require access from multiple locations. Other issues faced by brokers have been a lack of hardware capacity, bandwidth limitations, or network performance issues. Having multiple front- and back-office systems – usually a mix of new and legacy – also makes these issues more difficult to manage.
Indeed, for many brokers their outdated legacy technology is their number one challenge when remote working. Among other issues, this means an inability to access all systems remotely, siloed data, time-consuming manual processing, and human error due to the need to rekey data and data security.
Enabling Broking on the Move
To overcome these issues, brokers need to embrace digital transformation, with a cloud-first broker platform. While this may seem daunting, attitudes in the industry have become more open to change since the pandemic started, and most brokers now understand and accept of the benefits of digital transformation.
Indeed, many brokers are now looking to leave behind legacy systems and go digital in the cloud to increase their resilience and agility, and reduce their costs. Every cloud certainly has a silver lining.
At Novidea, we easily enable broking on the move, with our‘built-on-the-cloud, end-to-end broker platform. A platform that is already enabling almost 100 brokers, MGAs, and agents worldwide, to work anywhere, anytime, to better serve their customers and drive competitive advantage.