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
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
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.
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.
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.
Effective Opportunity management is crucial for the Sales team. Opportunities can be entered directly into AdInsure or through integrations with CRM systems and Partner portals. With its robust client data and activity management features, AdInsure aids brokers in managing leads and compiling information to craft optimal offers.
Placement management features include the design of the most suitable coverage and terms, creation and RFP management, communication with Insurance partners during the process, and evaluating and selecting the most suitable offer.
Contract management capabilities allow brokers to create contracts, select appropriate term clauses, bundle different coverages on a single contract, and deal with co-insured companies and insurance and broker consortiums.
Brokerage calculation and reporting, including commissions, netting, premiums, and claims, are fundamental features that enable timely and accurate financial oversight.
Financial management supports billing and Collection, including cash-flow processing and invoicing towards customers or insurers, and technical accounting functionalities for easy integration with the general ledger.
Claims handling supports recording FNOL or even handling the whole process on behalf of the Insurer in the case of Assekurander or an MGA.
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.
A key aspect of AdInsure is the ability to design unique products and insurance coverages. Brokers can collaborate with insurers to develop and define specialized products, especially in niche markets, and influence terms, conditions, and pricing within agreed limits.
AdInsure for Commercial Brokers provides insurance brokerages with a comprehensive solution to help them serve clients better in a rapidly changing market.