A range of industry experts give their views on whether there is more insurers could be doing to support brokers trading digitally

David Martin, director of SME markets and corporate partnerships, Allianz

davidmartin

There’s always more that insurers could do to support brokers trading digitally. In particular, databases could be exploited more effectively to tackle the issue of underinsurance and business interruption. For example, we are already using our data capabilities to highlight to brokers where the sums insured may be inadequate. For some clients this can make an important contribution to ensuring their level of protection is appropriate.

Real value can be added to the relationship between brokers and their clients by streamlining the digital customer journey even further. Investment in digitalisation means we have reduced question sets for SMEs, ensuring they are dynamic and relevant to the customer’s trade and therefore making the quotation process easier.

Overall the industry is recognising that the future is digital, and it is moving in the right direction. We need to continue to work in partnership with brokers as a single entity to deliver the best possible customer outcomes.

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Dave Greaves, head of SME and e-trade, QBE

There is support for brokers, although I think the industry could generally do more to build greater confidence in trading up on size and complexity.

Much of the volume is in micro-SME business, and while some insurers like QBE have built scalable products that can trade up the size and complexity, some brokers don’t feel confident in e-trading at higher levels.

QBE offers SME e-trade products across QBE FastFlow and multiple software platforms, but thec crucial difference is that they are all backed up by direct access to experienced decision-makers.

Brokers find this access to a qualified person reassuring and are more at ease about placing complex risks online as a result.

Successful insurers trade in whatever way works well for their brokers, and of course digital trading is part of that.

Barry-O'neill

Barry O’Neill, managing director, Home & Legacy

When it comes to high net worth insurance, digital trading can’t completely replace traditional channels. Each customer risk is unique so the need for personal contact is extremely important to ensure underwriting decisions are made accurately and the most suitable cover for the customer is found.

That’s not to say that there isn’t room for e-trading. Our own statistics reveal that 60% of Home & Legacy quotes are now obtained digitally. Although this route may be preferred by many brokers, insurers need to be constantly aware of how brokers are trading and question the most appropriate way of doing so.

Dave-Chapman SSP

Dave Chapman, director of broker, SSP 

To an extent they are, but it really depends on the area of the market we are talking about. What we are seeing in personal lines is very different to commercial lines. 

We have market-leading insurer customers who have used digital assets to really shift the direct market and brokers who are succeeding by almost not behaving like brokers, but being more like retailers. 

We are building all of our solutions around a core of digital components to enable both brokers and insurers to realise their true digital potential. One thing is certain though, the whole market needs to embrace the “always on” culture.

Tim Grant

Tim Grant, head of transformation and innovation, commercial and HNW, Covéa

Collaboration is essential to successful digital trading in intermediated distribution channels. Insurers and brokers need to work together to exploit new developments in technology in order to transform customer propositions and their delivery. The inter-dependencies are so strong that it is simply impossible to succeed in isolation.

The challenge lies in successfully developing and executing strategies to efficiently meet the rapidly evolving expectations of customers. 

At Covéa Insurance, one of the primary drivers of our company’s new operating model is to accelerate digital trading. 

This, in tandem with our continued commitment to deeply embedded broker partnerships, reflects our commitment to co-creating solutions for our future mutual prosperity.