Analytics, business intelligence, and AI tech used to differentiate customer service: Novarica
Boston, MA (Mar. 13, 2018) – The greatest technology challenge faced by large commercial brokers is transacting business with multiple carriers and distributors. Brokers are seeking to differentiate themselves in a competitive marketplace through improved technology such as AI, analytics, and workflow tools. In a new report, Business and Technology Trends: Large Commercial Brokers, research and advisory firm Novarica provides an overview of large commercial brokers’ business and technology issues, data about the marketplace, and over 30 examples of recent technology investments by large commercial brokers.
“Large commercial brokers are investing heavily in business intelligence and analytics to grow their business,” said Chuck Gomez, Vice President of Research and Consulting, and co-author of Novarica’s new report. “Some brokers are experimenting with AI and related technologies across the value chain, from customer acquisition to customer service, in part to tie together disparate systems.”
Key findings of the report include:
- Brokers are investing heavily in analytics, business intelligence, and (more recently) AI and related technologies. From customer acquisition to customer service, brokers are using any tool possible to profitably grow their business and to provide differentiated customer service.
- Mobile and portals are also important areas for investment. Mobile capabilities and self service are increasingly important. Chatbots and social media are of growing interest in reaching prospects and existing clients.
- Workflow is the number one problem brokers face. The issue of carriers having their own application forms and processes is not a new one, but it is particularly acute for large commercial brokers.
Access The Full Report
The full report is available online from Novarica.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
SOURCE: NovaricaTags: Novarica, report, technology investment