Canadian Underwriter

Opportunity abounds for broker digitization: Applied survey

June 12, 2018   by Staff

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Copyright: / kantverSignificant opportunities remain for brokers to digitize their workflows, according to Applied Systems’ third annual Digital Agency/Brokerage Survey.

Applied surveyed 1,300 independent agencies and brokerages in the United States, Canada, the U.K. and Ireland, and found that the average digital technology adoption score for an agency or brokerage was 44%—the same as in 2017.

“This year’s Digital Agency/Brokerage Annual Report confirms that there is still great opportunity for agencies and brokerages to take advantage of technology to enable faster growth and higher profits,” Applied Systems CEO Reid French said in a news release.

Some key findings from the report include:

  • Twenty-four percent of agencies and brokerages offer mobile apps, and 18% offer self-service portals. This is significant, as 52% of consumers would switch providers for better online service.
  • The use of eSignatures in the U.K. increased by 260% year-over-year.
  • Seventy-seven percent receive download directly into their management systems.
  • Sixty-five percent host their operations in the cloud, with the U.K. leading the pack at 77%.

The full report can be viewed here.

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This story was originally published by Canadian Insurance Top Broker.