Large commercial brokers face transacting business with multiple carriers and distributors as their greatest technology challenge. In order to differentiate themselves in a competitive marketplace, brokers are seeking improved technology to transform the large commercial broker space.
Brokers are investing heavily in analytics, business intelligence, and, in some cases, AI-driven technology solutions. Across the value chain, from customer acquisition to customer service, brokers are looking towards these tools to not only profitably grow their business, but to also provide differentiated customer service. Additionally, brokers are investing in mobile and self-service capabilities, including portals to interact with customers and other brokers. Chatbots and social media are also of growing interest in reaching prospects and existing clients.
While many may maintain their existing management systems, brokers are open to upgrading those systems to take advantage of broader functionality. Many brokers are integrating cloud-based solutions to aid with automation. To a lesser extent, brokers are also investing in CRM/sales support and BPM/workflow capabilities to address the issue of carriers having their own application forms and processes; this issue is particularly pertinent for large commercial brokers.
Large commercial broker CIOs and business executives should consider the following top technology priorities: automated and digitized business process management and workflow systems; business intelligence and analytics capabilities as data and its analysis are key differentiators; claims monitoring and analytics to identify trends and highly impactful claims; and an awareness of InsureTech solution providers for partnering or acquisition opportunities.
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