Like every industry, insurance continues to be reshaped by the ongoing COVID-19 pandemic. An increase in customer inquiries and claims, alongside a move to remote work, have pushed our traditionally slow-moving and risk-adverse sector into new territory.
The 2020 KPMG CIO Survey highlighted four key findings of changes to come within the insurance industry as a result of the COVID-19 pandemic, with a move towards technology receiving heavy weighting. What’s clear is that businesses like BizCover for Brokers that have already strongly embraced technology are better positioned to respond and to support their customers (brokers) during these times.
1. Investing in automation
The first key finding out of last year’s survey was a move towards technology driven efficiency. Insurers are now embracing automation to help increase productivity.
BizCover for Brokers are champions of automation and for the past 10 years we’ve provided brokers with an automated quote, compare, bind and full policy lifecycle management solution. The B4B platform removes the need for brokers to invest in technology themselves and has helped brokers to adapt to these unprecedented times.
2. Delivering value at speed
Customer experience took on renewed importance in the past year. Industry leaders are continually investing in technology (such as distributed cloud, AI and intelligent automation) to improve this journey and stay one step ahead of the competition.
On the B4B platform, if a broker was inclined, they could potentially get up to get 17 quotes in 5 minutes from 6 insurers and then bind 5 policies simultaneously! A lot goes on behind the scenes to provide this streamlined user experience. The technology that enables this to happen is part of a 13-year journey that’s still ongoing. BizCover for Brokers continues to evolve, integrating complex rating algorithms with the latest microservice and cloud technology, and connecting external system APIs to create a user experience that is fast, efficient and reliable.
3. People & Culture
The previous year has shone a light on the wellbeing of employees as we continue to navigate working from home, lockdowns and the overall stresses of COVID-19. Many companies are investing more time and energy into formal programs to help staff manage their mental health.
It is our hope that by providing the tools to streamline broking we can help keep your brokerage moving forward during these difficult times. Additionally, we hope this also gives you more time and space to focus on the wellbeing of your colleagues, staff and clients.
4. Analytics & Insight
The ability to quickly respond to unexpected changes is more important than ever. Everything from underwriting and claims to trend prediction and scenario planning will rely on the insights gathered through data and analytics.
Our extensive use of technology and our analytics team means BizCover for Brokers always has their finger on the insurance industry’s pulse. Our ability to track movements in real time across broad portfolios with multiple insurers enables us to draw insights, react quickly and work closely with insurers to ensure a steady hand and stability for our insureds. At the same time, we’re also able to provide valuable benchmarking and market insights to our brokers.
Moving insurance forward
At BizCover for Brokers’ our commitment to technology and innovation means we lead the pack in service for our brokers. And while COVID-19 has triggered others in the insurance industry to play catch up, we’re already looking ahead at what’s next. There are exciting things coming in the second half of 2021 and beyond, and we can’t wait to share them with you!
If you’d like to learn more about the B4B platform or book a live demo, our Service Team is ready to answer your questions! Contact us today to get started.
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BizCover for Brokers is a business name of BizCover Pty Ltd (ABN 68 127 707 975; AFSL 501769). BizCover for Brokers does not compare all general insurers or insurance products in the market, only those listed on our website. We act as agent of the insurer in respect of any insurance policy purchased through us and not as the agent of you or your client