It should come as no surprise that a significant number of brokers are interested in learning more about how they may make profitable use of technology given the meteoric rise of the financial technology and insurance technology industry over the past several years. During a recent interview with IBTV, Zoe Williams, division director at Blink Intermediary Solutions, presented some crucial information on how the market is developing and where brokers fit into this changing ecosystem. Williams is depicted above.
She stated that “[The market] has dramatically expanded” in her statement. There are many new technology businesses entering the market with innovative ideas and an entrepreneurial spirit, with the expectation that they would be able to enter the market and cause significant disruption.
Williams observed that there continues to be a significant function for those general insurance brokers who are active in the communities in which they are located, taking into account the current climate. It’s remarkable when you speak to brokers and get a real insight into the diversity of people walking through their door searching for that insight, and she added that they are out there in the local neighborhood providing advice and knowledge. She also mentioned that they are offering advise and expertise. This is the stage on which brokers can showcase their talents and make use of the skill sets they possess.
“[Brokers can utilize new tech to their advantage] by optimizing the customer journey,” she said. “[New tech can help brokers use new tech to their advantage].” “So, they have this fantastic skill set and experience, but how do they make the customer aware that they are in their local community, that they can write business swiftly, and that they have websites and online solutions? “
“It’s just that blend where you’re putting together and cooperating on the conventional benefits of an insurance broker with the benefits of online efficiency by leveraging technology,” said the insurance broker. “It’s just that mixture.”
Williams gave the following piece of advice to brokers who were interested in making their initial forays onto the “tech bandwagon”: first, they should examine their own businesses to determine where they are currently and where they want their firms to go in the future. She stated that they need to find the areas in which they have areas of knowledge, and then they need to endeavor to comprehend the areas in which they can strengthen the environment.
“[That’s understanding] where they can get better channels so that you can pick up the phone, or you can email them, or you’ve got internet.” “[That’s knowledge] where they can get better pathways so that you can pick up the phone” It is simply a matter of ensuring that you are making it as easy as possible to conduct business with you and employing fintech in a constructive manner as a tool for your company to make you more accessible.