Digital Broker - Why Go Digital and What is it Built on

Digital Broker: Why Go Digital and What is it Built on

With organic growth and acquisitions in the insurance industry advanced than ever, now is the time for brokers to fully embrace digital technology to make the most out of every business opportunity in a market poised for success.

In this article, we will talk about the reason why a broker should go digital and what it is built on. But first, let us first find out what a digital broker is.

What is a Digital Broker?

A broker that generates leads online from using customer data, creating content, sharing expertise on social media, and refining this process to create the best possible customer experience.

Why Go Digital?

  • Your clients expect it

Today’s insurance consumer is essentially changing business and customer service models. Now, consumers are more mobile than ever, media and news are now consumed on-the-go, and personal and business transactions via mobile apps are part of everyday life.

The demand for 24/7 access to information requires nearly every industry to re-evaluate how they operate to meet these new customer expectations and; the insurance industry is not safe. Delivering a digital customer experience has become a requirement for the next-generation trusted adviser.

  • Your business requires it

The increased pace of business to keep up with consumer demand can make staff think hours never suffice in a day to get everything done. Digital technology simplifies processes and eliminates manual tasks.

Also, end-to-end transactions between insurers, brokers and the insurance consumers and insurers need to happen within a broker’s technology infrastructure to cut down the time spent duplicating tasks at each stage.

The Makings of a Digital Broker

Digital transformation reflects the transition from taking manual, paper-filled processes to digital computerized workflows run by software and the internet.

A digital broker is one that has undergone a digital transformation to drive growth and success across its lines of business. It goes through many digital, paperless interactions and transactions per day.  A digital broker is built on four pillars:

  1. Broker Management System

A broker management system should be able to manage every type of business from personal lines, commercial lines, benefits and risk management and should connect all staff within a broker, including account executives, producers, accountants, and principals.

  1. Insurer Connectivity

Insurer connectivity creates a digital connection between a broker’s management system and insurer partners. Also, it’s important that brokers have access to the best products and the best insurers to meet the risk needs of each client.

  1. Mobility

Mobility gives brokers the ability to cooperate with prospects, clients, and employees in the field via insurance-specific mobile apps and client portals.

  1. Cloud

The cloud allows brokers’ staff anywhere-and-anytime access as well as comprehensive security and data back-up. Hosting software in the cloud leads to increased flexibility, security, disaster recovery and business agility.

The Bottom Line

With today’s customers expecting more, and increasing competition redefining the insurance industry, digital technology simplifies and amplifies current processes, expands communication channels – to clients and insurer partners – and drums up staff from their desks to the field.

See Also: What to Consider When Choosing an Online Broker

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