- Where Insurance & Technology Meet

Brokers: Are You on the “Digital Expressway” Wave?

In his books Future Shock (1970) and The Third Wave (1980), Alvin Toffler noted the rapidity of change and the emergence of the information age. Today we are experiencing technology-enabled change as described back then. Question: Is insurance catching the wave and moving quickly onto the digital expressway?

Based on the 2016 Technology Awards nominations, the Canadian insurance industry is making interesting use of technology in every direction.

This post will focus on brokers that have taken the on-ramp to the future. A subsequent post will target insurers and an industry organization, which are going into high gear as they move to the passing lane.

Brokers support the customer-centric environment

The move to digital is driven by a change from a caveat emptor environment to a consumer-oriented world of almost unlimited choices. Brokers are helping customers navigate the choices with unique offerings. Here are some examples:

Recognized for its leadership as an ICTA finalist last year, Sharp Insurance continues to develop its customer self-service offerings. Either through a portal or from a mobile app, Sharp customers can perform a number of self-service functions. This improves accuracy, reduces delays and duplication of work and enhances customer engagement.

Cornerstone, utilizing the Broker’s Briefcase, is changing the price proposition to one of value by using a structured marketing and sales approach with a steady stream of valuable content that engenders engagement, evidenced by increased operating results for the broker.

Bullfrog claims a first out of the gate in Canada with a completely online once-and-done program for small commercial with multiple quotes. This provides full service with reduced operating costs, and better service to the customers.

EasyInsure builds a strong partnership with their fleet customers by offering them FleetX, a fleet management tool . Customers win with improved management capabilities, and the broker wins with improved data and reduced friction costs.

Brokers are a creative group, come see how creative ….

Each of these insurance technology programs offers a different value and serves a unique proposition. The commonality is the drive to serve and engage the customer.

It is gratifying to see new and creative uses of technology across the insurance ecosystem as companies undertake or continue along the transformation path to providing digital insurance.

At the Broker focused Broker Forum on Mar 1 and the insurer focused Technology Conference – Feb 29 you can explore and discuss the opportunities and challenges of today, and tomorrow, with your peers.

Who knows, the industry may be in danger of losing its “laggard” reputation.  Ride the wave!

Editor’s Note:  Doug Grant is a Partner at Inc.  Doug is producing our newest event, the 2016 Broker Forum (#ICBF2016)  on March 1, 2016 at the Metro Toronto Convention Centre in Toronto, Canada.