Brokers building awareness of, partnering with, and acquiring InsurTechs: Novarica
Boston, MA (Mar. 12, 2019) – Large commercial brokers are prioritizing workflow, analytics, and AI technologies to differentiate themselves in a competitive marketplace. 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 several examples of recent technology investments by large commercial brokers.
“Several new entrants are pursuing market share growth with modern systems and digital processes,” said Chuck Gomez , Vice President of Research and Consulting and co-author of Novarica’s new report. “Firms are looking to enable brokers by automating low value-add activities and applying AI and related technologies along with analytics to help brokers identify prospects, win business, and boost engagement to retain business.”
Among the key findings of the report are:
- Workflow remains the number one problem brokers face. There has been a significant improvement in the last year in a new class of solution providers that offer automation to support new and renewal business.
- Brokers are investing heavily in analytics, business intelligence, and (more recently) AI and related technologies. Brokers are using any tool possible to grow their business profitably and to provide a differentiated customer experience from customer acquisition to customer service.
- Portals continue to be an important area of investment for carriers working with brokers. Broker demand is growing for carriers to provide straight-through processing portals for small commercial business.
A preview of the brief is available online.
Large commercial brokers are investing in technology to differentiate themselves in a competitive marketplace using AI, analytics, and workflow technologies.
This report provides an overview of large commercial brokers’ business and technology issues, data about the marketplace, and several examples of recent technology investments by large commercial brokers.
- Recent market and financial trends;
- Active broker landscape;
- Technology issues, priorities, and examples by functional area;
- Top technology priorities for 2019 and beyond.
Click here for the table of contents or to access the report.
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: Brokers, InsurTech, Novarica, trends