Brokers’ business results affected by changes in distribution: Keal

Sixty-seven per cent of brokers said that changes in distribution have affected their business results, according to a Keal Technology survey.
Keal surveyed its broker-user base on issues that included carrier relations, changes in distribution and technology.
The top four reasons cited for the impact on business results were:
• keeping up with technology;
• decrease in revenue;
• decrease in profitability; and
• meeting rising consumer expectations.
With regards to broker and carrier relations, 84% of respondents say the industry needs fresh leadership thinking.
When asked about the insurance distribution landscape, 69% of brokers believed new players would continue to gain market share.
According to 78% of respondents, brokers need to embrace change in order to be successful. The same percentage also said to train staff to be more proactive.
Sixty-four per cent believe brokers must invest in technology in order to be successful.