Brit's head of distribution on e-business differentiation
Do the benefits of commercial lines e-business still need to be sold? Probably not. Brokers and insurers now consider e-channels a key part of their commercial lines capability. But commercial lines is truly a category where one size does not fit all. Some broking businesses may value the efficiency of an integrated quote system. Others may target more differentiation, even if it means working with different systems.
Brokers must perform a challenging balancing act. Process efficiencies must and are being realised. But, if many brokers are using similar quotation systems, what will distinguish one broker’s offering from another? In the search for process efficiencies, do we focus too much on technology and too little on differentiation?
Could the next stage be using technology to achieve genuine differentiation that brokers can offer their customers? After all, that is the strongest reason for this business to stay and prosper within the broker market.
Vivek Banga is head of distribution at Brit Insurance UK