Digital Transformation is a term that gets thrown around a lot and can mean different things within different industries. Ultimately, it refers to the integration of digital technology into all areas of a business, fundamentally changing the way it operates for the better. Common goals for its implementation are to improve efficiency, value or innovation.
Countless industries have already benefited from Digital Transformation – from manufacturing and retail to hospitality, healthcare, and finance. The insurance industry has traditionally been slow to modernise, but it is now clearer than ever that consumer habits are changing and that it’s time for insurance businesses to embrace digital transformation. Those that do can expect significant benefits, including:
Technology can be used to simplify the relationship between your brokerage and chosen insurers. It can help prevent the double-keying of data, remove barriers between you and the underwriter and connect your clients to insurer products that perfectly match their requirements. A search for a product no longer needs to be an expedition!
Behind every forward-thinking, innovative brokerage lies a level of "Business as Usual" (BAU). The operational, day-to-day BAU elements of a business can greatly benefit from Digital Technology. Automation can speed up and simplify mundane and repetitive tasks. Clever management software can help you to stay on top of your business operations.
Clients now expect 24/7 access to their insurance provider. The internet never sleeps meaning you can offer around-the-clock service outside of typical opening hours. Customer Experience (CX) technology allows you to remove barriers between your brokerage and your clients, complementing fantastic in-person customer service with instant and constant access to your services.
Widen your net and realise additional income opportunities. Omnichannel distribution in insurance is an approach to sales and marketing that provides customers with multiple channels to connect with a brokerage's products and services. This includes over the phone, walk-ins, via a broker's own website, and through other online, mobile and social applications.Discover More