Putting brokers at the heart of Insurtech

Steve Bryan | Director, Intermediary at Legal & General
20th July 2016
Steve Bryan Legal General
"Brokers must continue to be at the heart of every improvement, with the ability to view and control cases and receiving instant notifications as the customer journey progresses."

Technology moves fast. Who would have thought a decade ago that we would be shunning our computers in favour of high-tech tablets and super fast smart phones?

Yet today the thought of running your business solely through a desktop computer in the corner of the office seems like an idea from another era. Over the past ten years the growth of ‘FinTech’ - technological developments in the financial services sector – has resulted in our industry leading the way in the digital age.

Our customers now expect both insurers and brokers to have significant digital capabilities. Already people are able to send money across the world or open new bank accounts with a few taps on an app, and we must make sure that the insurance industry continues to develop alongside, and utilise, innovations in technology.

When price comparison websites can offer quotes with such ease, we must be sure we can match them with our technological capabilities and beat them using our real-world expertise and professional advice.

The vast majority of our customers, across all age groups, have access to email addresses and are increasingly comfortable online. They are looking to receive documentation online and interact at times that are suitable for them. Only being available on the phone during office hours is no longer the way to conduct business.

The demand for self service and digital interaction continues to grow and this will only increase. It is to a broker’s advantage that clients are happy to use self service technology as it means more time can be spent on developing new business rather than performing administrative functions. The time spent waiting for letters to arrive and to be posted back will also slowly disappear.

Stakeholders across the industry are investing heavily in this area and there is now a growing trend towards using technology, where appropriate, in order to make both things easier for brokers and customers alike.

Legal & General’s OLP Connect and other online systems allow brokers to manage their cases through a single, integrated portal and we should expect to see further developments in this area in the future.

Brokers must continue to be at the heart of every improvement, with the ability to view and control cases and receiving instant notifications as the customer journey progresses.

Future proofing is also vital; we must not rest on our laurels or stop advancing our systems. This needs to be a continuous process, much like the development undertaken in the product space.

We must make sure that we are not distracted by passing fads, but instead continue to focus on what advisers and customers actually want. Continual improvement is the key, and this will also help us embrace new innovations more easily.

Just like the success of tablet computers seemed unthinkable a decade ago, there will be further technological advancements that we’ve not even thought of yet.

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