InsurTech – a word that has cropped up more often in recent years, and for good reason! Technology is at the forefront of most industries, and for Insurance that is no different, using technology as a driver for change is a necessary first step in future-proofing insurance brokers.
There are a few things in the insurance industry that are clear:
- The technology systems are crap
- Brokers spend too much time on admin and compliance because of the way the technology is designed (see our report with CII and PKF)
- This is affecting time allowed to develop real relationships with clients
The technology available currently is so out-dated, and some of it was written over 20 years ago! This just isn’t acceptable. Insurance needs to get up to speed otherwise clients will not be happy with the levels of service they are receiving, and brokers will be miserable (check out some of the big insurance names on Glassdoor, it will only get worse…).
There are two parts of this, AI being one very important part. But don’t be put down by statements such as ‘Robots will take over, brokers won’t be needed’ – to be frank that just isn’t true. Customers will always value a human touch, but for the right product. For simple self-serve insurance policies working with end consumers, a broker would rarely be required, this is where we are quite happy for AI to take over and do its thing.
For commercial insurance brokers, as soon as the insurance requirements get a bit complex, clients are not going to want a robot deciding their fate, they will want real advice from a real broker who takes the time to get to know their business and can give valuable risk advice drawn from their professional experience.
With existing tech – brokers aren’t armed with the correct tools to enable them to be true risk advisors (to their full potential) spending so much time on admin and rekeying information for compliance!
Konsileo is challenging this very issue.
With our platform, not only are we ‘disrupting insurance’ (yes, we said it…) but by bringing on brokers to use our system and work with us, our commercial broking platform will save up to 60% of admin time, will be fully compliance driven in its processes and will actually intuitively use the client data to help brokers up-sell and cross-sell products to ensure their clients are not underinsured – another major issue hitting the headlines.
With Konsileo brokers, although the tech is at the centre of a lot of the benefits, the culture of the company is something that we believe goes hand in hand with offering brokers an amazing opportunity, where they can work in a modern way, be a true risk advisor, and progress in their career in a collaborative environment – creating happy brokers everywhere!
What are your frustrations with current technology? Is there anything else you want to see built in to future platforms?