When the FCA’s Fair Value reforms came into effect in January this year, the impact was, and still is, far reaching – much more so than many realised. However, the emphasis on brokers to show that they are providing Fair Value to customers is actually proving to be a benefit to some.
In a previous post, we looked at how automated workflows can transform your insurance business, which included a review of how insurance organisations can keep up with customer expectations while improving their team’s efficiency, effectiveness, and satisfaction.
The insurance industry is growing more complex all the time, but here’s a principle that’s not likely to change: if you keep your clients and your team happy, you’ll stand out from your competitors.
It’s a 24/7 digital world, where consumers are used to ordering everything online, from flights to shoes to food. The pandemic accelerated this trend, with McKinsey in 2020 stating that the business world had “vaulted five years forward in consumer and business digital adoption in a matter of eight weeks.”
Against this backdrop, many insurance brokers in the market have recognised the need to increase the digitalisation of their businesses, citing their desire to improve customer service. That’s according to the recent Broker Barometer research from Aviva.
I first learned this at Sequel, now Verisk Specialty Business Solutions, where we developed a portal, and then at Aon, where for three years I developed and launched new products to market. Since joining Novidea, I have gained further valuable insights into how to use innovative and disruptive technology to make this happen.
Over the last couple of years, forward-thinking insurance brokers have accelerated their digital transformation efforts, initially driven by their need to work from anywhere. These early adopters are now reaping the rewards as their new cloud-based solutions are enabling Broking on the Move.
The UK broking industry sees remote working as both a challenge and an opportunity. In this article, we examine what brokers have to say on the topic and what this means for the future of broking.
Management Information (MI) has always been vital to running a successful business. This is particularly true in such a data-rich industry as insurance. In fact, today, it all seems to be about data.