Earlier this week, I participated in the Council of Insurance Agents and Brokers’ annual legislative conference in Washington D.C., presenting on the recent trends in InsureTech to the CIO Working Group.
Insurance CIOs are actively interested in a variety of technologies and tools that can be classified as “emerging” tech. I covered the results of Novarica’s latest research on emerging technology, based on a study with over 100 CIOs, as well as where insurance CIOs have deployed or plan to pilot emerging technologies in 2018. While the deployment of many technologies is still rare, all are poised for rapid growth.
I also presented on various InsureTechs that are targeting the insurance broker space in various areas: sales support, client service and workflows, rate benchmarking, solutions to automating new business and renewal business applications, and more. During the meeting, the broker tech leaders were given an assignment to discuss where and how the insurance broker world could be disrupted by technology, and what impact that would have on brokers and their clients. The participants were all engaged and they presented some great ideas and solutions.
This week Novarica published my executive brief on the retail broker and specialty/large commercial market segments and their related technology trends and challenges. The brief covers topics including automating new business and renewal business, cybersecurity, predictive analytics, and InsureTech. Read more here: https://novarica.com/brokercarrier-technology-trends-and-challenges/.
The InsureTech spillover from carriers to brokers is real. The insurance broker space is ripe for new and emerging technologies in 2018 to address underserved areas and business problems.