Technology – the key to gaining an edge in the world of brokers

The insurance market has been expanding dynamically for the last 5 years, particularly, in the area of technology. Currently the technological advancement is deciding on the growth of a company, the satisfaction of customers and finally – the financial results, like never before. Eversoft has been tied to this market for years now. We realise projects in both large insurance companies and small startups, both within the commercial, as well as, the  social sector. We analyse and optimise the processes that take place in such companies, and, particularly, we create, implement and maintain the software, which gives our customers an edge among the competition.

We follow the trends on a daily basis, participating in various events dedicated to the insurance industry, particularly outside of Poland.

In March 2019, we had the opportunity to be one of the sponsors of the Global InsurTech Summit in London, where we discussed the expansion of the industry, and the novelties introduced by InsurTechs, as well as, how the brokers and insurance giants, present in the market for years, are undergoing a digital transformation, to create new value for customers.

Our representatives have just returned from the May edition of InsiderTech London. Here as well, among international specialists, we have been discussing how innovation should be expanded, particularly among brokers. Some questions appeared, whether the InsurTechs that pop up like mushrooms will replace brokers.

Still, I think that brokers, due to their many years of experience and customer trust, have a bright future. However, they cannot miss out on digitalisation and adjusting their methods to current trends. Only this way, they can create new possibilities of development, and meet the increasing expectations of customers.

Ok, but what does „technological development” actually mean?

I asked a select group of specialists at Eversoft, to present some pointers, that, on the basis of the last projects and own know-how, they could give to insurance brokers, as well as, to indicate some technological trends that they would find most appropriate for the insurance industry:

Jerzy Drojecki (more than 20 years in cooperation with the insurance industry, a former director of commercial projects in the insurance industry, currently the CEO of Eversoft):

Flexibility and swiftness! Online products! Currently, each customer requires a personalised approach, individual risk assessment, and building a dedicated agreement. Automatise each possible back-office activity (processing, creating documents), adopt paperless office and remote working, so that you can reserve as much time for your customers as possible. If you build a remote access to your systems and begin employing people from around the globe – you will have the best specialists.

Agnieszka Szatanowska (20 years in cooperation with the insurance industry, former Director of the Strategy Office at an insurance company, currently Head of Delivery at Eversoft):

Look at the data that you have. It is your greatest treasure! You have an enormous knowledge built on the basis of many years of your cooperation with customers. Analyse the data, search for trends, examine the customers’ needs and be their best advisers!

What about my opinion? (I’ve been cooperating with the insurance industry for 18 years, a former IT director in social insurance, currently an advisor for C-level managers of the insurance industry, at Eversoft):

Cross-check the portfolios of insurance companies that you cooperate with, on a daily basis. Some of them are in an advanced phase of digital transformation – they’re worth cooperating with. Some of them implement digitalisation projects at a slower pace – however, they remain as entities good for cooperation. The last group is just waking up – examine them with most care. Is it still worth cooperating with them? Consider the selected InsurTechs, that are worth cooperating with, in order to build ecosystems for the customers!

What about the trends?

The above statements provide precious insight to insurance brokers. One should list some additional technological trends resulting, i.a. from customers’ expectations, not only in the insurance industry:

• mobile access, user-friendly interface, a variety of interaction channels with the customer;
• as much customer self-service for the customer as possible;
• implementation of software robots for activities that can be automatised;
• use of IoT data.

Each of these technologies may introduce significant value to insurance brokers. The technological partners and establishing priorities remain a matter of choice. Currently, there is no time to wonder „whether I should enter IT”, but to realise „how my plan works, and with whom I shall execute it”.

I’m waiting for your comments.

Dorota Mielnik