October 10, 2018
Look for more Canadian brokerages to move towards a fully digital experience, driven by consumer demand, a broker management system (BMS) provider said Monday.
“More brokers are moving to a completely connected experience – from internal operations, to customer service, to insurer relations – transforming their business into digital brokerages,” said Jeff Purdy, senior vice president of international operations with Applied Systems.
Purdy was responding to a question from CI-Top Broker about what the type of technology brokerages in Canada are using.
Brokerages that digitally transform their businesses stand to gain satisfied customers, lower operating costs and higher growth, according to research by McKinsey & Company. The firm goes on to note that digital brokerages are made up of five pillars:
CI-Top Broker also asked if there is a certain type of technology of interest to brokers. “Brokers are always looking for more ways to make their job easier, allowing them to focus more on the client rather than processes,” Purdy replied. Artificial intelligence often comes up in conversations with clients, Purdy said. “[A.I.] can come in hundreds of different forms, but the reason behind the need for it is to make processes easier.”
One of Applied’s recent innovations is to incorporate AI into its analytics software. Applied Analytics offers a new sales account rounding dashboard that provides recommendations of new prospective policies, based on a broker’s existing book of business for customers that have policies expiring in the next six months.
This story was originally published by Canadian Insurance Top Broker.