The Top Technology Priorities for Large Commercial Brokers

Brokers using any tool possible to provide a differentiated customer experience from customer acquisition to customer services: Novarica

Technology priorities include digitized communications, analytics, and claims tracking

Boston, MA (Mar. 24, 2020) – Large commercial brokers are using AI, analytics, distribution API, and digitized communications 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.

“Brokers should continue to automate and digitize communications between themselves, insurers, other brokers, and clients,” said Chuck Gomez, Vice President of Research and Consulting and co-author of Novarica’s new report. “Several InsureTech firms offer solutions to address the current lack of automation, and brokers should build their awareness of solution providers in the market-either for partnership or acquisition.”

Among the key findings of the report are:

• Digitized communications remain the number one problem brokers face. There has been a significant improvement in the last year through 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.
• Insurers are actively investing in portals for brokers, but are also building distribution APIs, especially in small commercial. Broker demand continues to grow for insurers to provide straight-through processing portals for small commercial business, while activity in building direct connections with brokers grew substantially in 2019.

Click here for the table of contents or to access the report.

Report Summary

Large commercial brokers continue to consolidate their business, to gain scale and efficiency as well as to address growing client needs for products and services across geographies. Large commercial brokers are investing in technology to differentiate themselves in a competitive marketplace using AI, analytics, distribution API, and digitized communications technologies.

This report provides an overview of large commercial brokers’ business and technology issues, data about the marketplace, and nine examples of recent technology investments by large commercial brokers.

Topics

• Recent market and financial trends;
• Active broker landscape;
• Technology issues, priorities, and examples by functional area;
• Top technology priorities for 2020 and beyond.

Click here for the table of contents or to access the report.

About 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: Novarica