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insurance technology trends
Insuring the future: top insurance technology trends transforming the industry in 2023
Mar 13, 2023
January 31, 2023
As the insurance industry evolves, insurance brokers must adapt to stay competitive. The past few years have brought significant changes to the commercial insurance market, including the impact of the COVID-19 pandemic, environmental disasters, and escalating premiums. Additionally, commercial insurance companies are becoming more selective in their coverage, excluding certain potentially risky territories and requiring clients to implement security measures to reduce cyber risk
Table of contents:
- Adapting to the changing role of insurance brokers
- Building strong relationships: The key to adding value as a broker
- Why upgrading legacy systems is essential for broker success
- Streamlining processes with AdInsure for commercial brokers: A comprehensive solution for industrial insurance brokers
Adapting to the changing role of insurance brokers
To navigate this shifting landscape, brokers are taking on a new role as underwriting and risk advisors. This means not only sourcing the best insurance products for clients but also helping them find alternative risk transfer options.
To fully take advantage of this new role, brokers are turning to technology to digitalize their operations, automate processes, and deliver innovative products and services.
AdInsure for commercial brokers: a comprehensive set of features
Building strong relationships: The key to adding value as a broker
One key area where brokers can add value is through building strong personal relationships with clients. A recent study by PwC found that 93% of industrial insurance brokers see this as a key driver of added value. However, these relationships have become more tenuous in recent years, leading to an increase in clients switching brokers.
To address this challenge, brokers are turning to customer relationship management solutions. These systems help brokers maintain closer contact with clients while also leveraging historical data to drive the business forward. To keep things simple and effective, brokers prefer to use standard systems with longer support lifecycles and better integration options.
These technologies also reflect the realization that improvements in IT and processes can deliver major benefits. The PwC study found that nearly half of all industrial insurance brokers see these areas as having high potential. Additionally, the study recorded a growing number of cloud service projects in recent years.
Why upgrading legacy systems is essential for broker success
While some brokers may be hesitant to modernize their legacy systems, it is essential to stay competitive. Concerns about business disruption, high technology replacement costs, and onboarding with new systems can be daunting. However, the value generated by a technological upgrade quickly outweighs any savings from maintaining older systems.
Companies that undertake modernization efforts find that their digital processes are easier to integrate across different lines of business, leading to improved communication within the company and with insurers. They can also create custom broker products that respond to specific client needs. This not only improves customer satisfaction but can also give companies a competitive edge in the marketplace.
Overall, brokers must stay agile and innovative to meet the changing demands of the insurance industry. By embracing technology and building strong relationships with clients, brokers can position themselves as trusted partners and experts in risk management.
Streamlining processes with AdInsure for commercial brokers: A comprehensive solution for industrial insurance brokers
At Adacta, we understand that change can be daunting, but the insurance industry is constantly evolving, and companies that don't adapt risk being left behind. Over the years, we have developed the expertise and experience to guide companies through the modernization process, ensuring a smooth transition.
Our Solution, AdInsure for Industrial brokers, offers a range of features that can help brokers streamline their processes and better serve their clients.
One key aspect is the ability to design custom products and insurance coverage. Brokers often work with clients and insurance providers to create tailored coverage options, and AdInsure for commercial brokers enables a no-code approach for creating and configuring these custom products. Product capabilities cover a comprehensive range, including flexible motor insurance products, fleet products, property damage, casualty insurance, public liability, and more.
Opportunity management is another crucial aspect, and AdInsure for commercial brokers includes CRM features that can help an insurance broker manage leads and gather information to design the best offers. Additionally, it has a placement management system that simplifies communication with stakeholders and the creation of RFQs.
AdInsure also offers contract management capabilities, allowing brokers to create contracts and documents automatically and bundle different coverages on a single contract. Claims handling and commission management can also be streamlined through automation and rules.
To provide flexibility in deployment, AdInsure can be deployed in the cloud, on-premises, or as a hybrid option. It also features a modern integration framework to connect with existing and future systems easily. The AdInsure for commercial brokers solution provides insurance brokerages with a comprehensive solution to help them serve clients better in a rapidly changing market.
