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Broker/Carrier Technology Trends and Challenges

Published: February 2018

Non-Client Price: $750

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Summary

Insurance brokers and specialty/large commercial carriers are lagging behind other segments when it comes to automating communication. Email is still the dominant form of data exchange for new business and renewals, both because of the industry’s inability to standardize data models and business processes and to a cultural belief that email is more personal. Looming cybersecurity issues further complicate automation efforts. Carrier CIOs are adopting new technologies in support of their digital strategies and operations, while broker CIOs tend to be more conservative in adopting new technologies.

This brief provides an overview of key issues and trends in broker/carrier technology.

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TABLE OF CONTENTS

Current State and Key Challenges……….3
Lack of Data and Integration Standards……….3
Overdependence on Customized Interfaces……….3
Overdependence on Email……….3
Complexity of Data……….4
Security, Counterparty Risk, and Regulatory Oversight……….4
Digital Strategies……….5
Broker Portals and Sales Support……….5
Client Service Support……….6
Third-Party Infrastructure Support……….6
AI and Predictive Analytics……….6
Concluding Thoughts……….8

  • Tagged:
  • Data
  • , Digital
  • , IT Strategy
  • , Property/Casualty
  • , Security